By Bayero Ade
The Naira depreciated to N1,655 per dollar in the parallel market on Wednesday, down from N1,650 per dollar the day before.
According Vanguard, in the official foreign exchange market, the Naira also declined to N1,545 per dollar, according to data from the Central Bank of Nigeria (CBN).
The exchange rate for the Nigerian Foreign Exchange Market (NFEM) rose from N1,538 per dollar on Tuesday to N1,545 per dollar on Wednesday, reflecting a N7 depreciation.
As a result, the gap between the parallel market rate and the NFEM rate reduced to N110 per dollar, compared to N112 per dollar on Tuesday.
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