The Naira continued its downward trend on Wednesday, depreciating to N1,600 per dollar in the parallel market, compared to the N1,585 per dollar rate recorded on Tuesday.
In the official foreign exchange market, the Naira also weakened, trading at N1,545 per dollar, which reflected a N20 depreciation from the previous day’s rate of N1,525 per dollar.
Data from the Daily Nigerian Foreign Exchange Market (NFEM), as published by the Central Bank of Nigeria (CBN), revealed that the indicative exchange rate followed a similar trajectory, raising concerns over the currency’s stability.
However, the margin between the parallel market rate and the NFEM rate narrowed slightly to N55 per dollar, down from N60 per dollar on Tuesday.
Tribune Online reports on Wednesday that the Naira traded at N1,585 per dollar in the parallel market on Tuesday, following Monday’s rate of N1,550 per dollar.
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