The Naira experienced a decline on Wednesday, dropping to ₦1,585 per dollar in the parallel market, down from ₦1,565 per dollar on Tuesday.
In the Nigerian Foreign Exchange Market (NFEM), the Naira also depreciated to ₦1,546 per dollar, compared to ₦1,537 per dollar on Tuesday.
Data from the Central Bank of Nigeria (CBN) revealed that the indicative exchange rate for the Naira rose to ₦1,546 per dollar from ₦1,537, reflecting a ₦9 depreciation.
As a result, the gap between the parallel market and NFEM exchange rates widened to ₦39 per dollar, up from ₦37 per dollar on Tuesday.
