Naira Weakens Further Across Official, Parallel Markets
The naira recorded a fresh decline on Wednesday, falling to N1,410 per dollar in the parallel market, compared to N1,405 per dollar the previous day.
The local currency also weakened in the Nigerian Foreign Exchange Market (NFEM), where it closed at N1,391 per dollar.
Figures released by the Central Bank of Nigeria showed that the indicative exchange rate rose from N1,383.5 per dollar on Tuesday to N1,391 per dollar, indicating a depreciation of N7.5.
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As a result, the gap between the parallel market and the official rate narrowed slightly to N19 per dollar, down from N21.5 recorded a day earlier.
