The Naira continued its downward trend yesterday, depreciating to N1,600 per dollar in the parallel market, compared to N1,585 per dollar recorded on Tuesday.
In the official foreign exchange market, the Naira also weakened, closing at N1,545 per dollar.
According to data from the Daily Nigerian Foreign Exchange Market (NFEM) report, published by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira rose from N1,525 per dollar on Tuesday to N1,545 per dollar, representing a depreciation of N20.
This decline has caused the gap between the parallel market rate and the NFEM rate to narrow to N55 per dollar, down from N60 per dollar earlier in the week.