The naira recorded a slight depreciation against the United States dollar on Wednesday in both the parallel market and the official foreign exchange market.
At the parallel market, the local currency weakened to ₦1,385 per dollar, compared to ₦1,380 per dollar recorded on Tuesday.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to ₦1,389 per dollar.
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Data released by the Central Bank of Nigeria showed that the indicative exchange rate rose from ₦1,373 per dollar on Tuesday to ₦1,389 per dollar, representing a ₦16 decline in the value of the naira.
Despite the depreciation, the gap between the official and parallel market exchange rates narrowed significantly to ₦4 per dollar, down from ₦25 per dollar recorded the previous day.
Meanwhile, activity in the official market improved slightly, with interbank turnover increasing by 0.24 per cent to $125.6 million from $125.3 million recorded on Tuesday.
