The naira weakened further against the dollar on Wednesday, sliding to ₦1,492 per dollar at the parallel market, compared to ₦1,485 recorded on Tuesday.
The local currency also lost ground at the official Nigerian Foreign Exchange Market (NFEM), where it closed at ₦1,458.02 per dollar. This marked a slight depreciation from Tuesday’s rate of ₦1,457, according to data released by the Central Bank of Nigeria (CBN).
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As a result of the decline in both markets, the gap between the parallel market rate and the official exchange rate widened. The difference increased to ₦31.98 per dollar, up from ₦28 recorded a day earlier, highlighting continued pressure on the naira despite ongoing market interventions.
