The naira continued its downward trend on Wednesday, sliding to N1,610 per dollar in the parallel market, compared to N1,605 recorded the previous day.
In the official Nigerian Foreign Exchange Market (NFEM), the currency also weakened, exchanging at N1,612 per dollar, according to data from the Central Bank of Nigeria (CBN). This marks a N4 depreciation from Tuesday’s rate of N1,609 per dollar.
As a result, the gap between the parallel market and official exchange rates narrowed slightly to N3 per dollar, down from N4 on Tuesday.