The naira continued its downward trend on Wednesday, depreciating to N1,670 per dollar in the parallel market, a decline from N1,665 per dollar recorded on Tuesday.
Similarly, the official foreign exchange market witnessed a depreciation, with the naira falling to N1,545 per dollar from N1,540 per dollar the previous day, according to data from the Central Bank of Nigeria (CBN). This represents a N5 loss in value for the naira.
Data from the FMDQ Exchange further revealed a marginal depreciation in the Nigerian Foreign Exchange Market (NFEM), where the naira slipped to N1,544.2 per dollar from Tuesday’s rate of N1,544.05 per dollar, reflecting a 15 kobo decline.
The disparity between the parallel market rate and the NFEM rate widened as a result, with the margin increasing to N125 per dollar from N120.95 per dollar on Tuesday.
