The Naira weakened on Wednesday, sliding in both the parallel market and the official foreign exchange window.
In the parallel market, the local currency fell sharply to N1,391 per dollar, down from N1,350 per dollar recorded on Tuesday.
A similar trend was observed at the official market. In the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to N1,359.5 per dollar. Data released by the Central Bank of Nigeria showed that the indicative exchange rate rose slightly from N1,359 per dollar on Tuesday, reflecting a 50 kobo drop in the value of the currency.
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As a result of the sharper fall in the parallel market, the gap between the official and black market rates widened significantly to N31.5 per dollar, compared to just N9 per dollar the previous day.
