The Nigerian currency weakened against the United States dollar in the parallel market on Wednesday, slipping to N1,398/$ from N1,385/$ recorded on Tuesday.
However, the naira posted a slight gain in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,360/$.
Figures released by the Central Bank of Nigeria showed that the indicative exchange rate improved to N1,360/$ from N1,360.22/$ on Tuesday, representing a marginal appreciation of 22 kobo for the local currency.
As a result of the divergent movements in both markets, the gap between the parallel market and the official exchange rate widened significantly to N38/$, compared to N24.78/$ recorded the previous day.
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Meanwhile, activity in the interbank foreign exchange market slowed, with total turnover declining by 26.2 per cent. Market turnover dropped to $133.73 million from $168.82 million recorded on Tuesday, indicating reduced trading volume among market participants.
The latest development highlights the continued pressure on the foreign exchange market, despite the naira's modest improvement in the official window.
