The Naira yesterday declined to N1,670 per dollar in the parallel market from N1,660 per dollar on Tuesday. Similarly, the Naira dropped to N1,550 per dollar in the official foreign currency market.
According to data issued by the Central Bank of Nigeria (CBN), the exchange rate for the Nigerian Foreign Exchange Market (NFEM) increased to N1,550 per dollar from N1,549 per dollar on Tuesday, signifying a N1 depreciation in the naira.
As a result, the gap between the parallel market and the NFEM rate grew to N120 per dollar from N111 per dollar on Tuesday.
