The naira recorded losses against the United States dollar on Wednesday, weakening in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency depreciated to ₦1,405 per dollar, compared to ₦1,389 per dollar recorded on Tuesday.
The official market also witnessed a decline, with data from the Central Bank of Nigeria showing that the indicative exchange rate rose to ₦1,361.5 per dollar from ₦1,356.5 per dollar a day earlier, representing a depreciation of ₦5.
Read Also:
Dollar to Naira exchange rate today, June 18, 2026
As a result, the gap between the parallel market and the official market widened to ₦43.5 per dollar, up from ₦32.5 recorded on Tuesday.
Meanwhile, trading activity at the official foreign exchange market slowed significantly. Interbank turnover at the NFEM dropped by 56.8 per cent, falling to $54.3 million from $125.7 million recorded in the previous trading session.
The latest movement reflects continued pressure on the foreign exchange market, even as monetary authorities seek to improve liquidity and stabilise the value of the naira.
