The Nigerian naira weakened against the United States dollar on Wednesday, recording losses in both the official and parallel foreign exchange markets.
In the parallel market, also known as the black market, the naira depreciated to ₦1,490 per dollar, down from ₦1,470 exchanged on Tuesday. This marked a ₦20 drop in value within a single day.
The local currency also lost ground at the official Nigerian Foreign Exchange Market (NFEM). Data from the Central Bank of Nigeria showed that the exchange rate moved to ₦1,421 per dollar, compared to ₦1,416 per dollar the previous day, reflecting a ₦5 depreciation.
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As a result of the simultaneous declines, the gap between the official and parallel market rates widened to ₦69 per dollar, up from ₦54 recorded on Tuesday. This growing spread continues to highlight ongoing pressures in the foreign exchange market.
