The Naira on Wednesday depreciated to N1,600 per dollar in the parallel market from N1,585 per dollar on Tuesday. It also depreciated to N1,545 per dollar in the official foreign exchange market.
Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,545 per dollar from N1,525 per dollar on Tuesday, indicating N20 depreciation.
Consequently, the margin between the parallel market and NFEM rate narrowed to N55 per dollar from N60 per dollar on Tuesday.
