The Naira on Wednesday, experienced a decline in value, trading at N1,585 per dollar in the parallel market, a drop from N1,565 per dollar recorded on Tuesday.
Similarly, the Nigerian Foreign Exchange Market saw the Naira weaken to N1,546 per dollar.
According to data from the Central Bank of Nigeria, the indicative exchange rate for the Naira increased to N1,546 per dollar, compared to N1,537 per dollar on Tuesday, marking a N9 depreciation.
As a result, the gap between the parallel market rate and the NFEM rate widened to N39 per dollar, up from N37 per dollar the previous day.
Tags: Naira depreciates
