The Naira weakened to N1,570 per dollar in the parallel market on Wednesday, compared to N1,560 per dollar on Tuesday. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira strengthened to N1,513 per dollar.
According to data from the Central Bank of Nigeria (CBN), the official exchange rate for the Naira stood at N1,513 per dollar, slightly up from N1,513.1 per dollar on Tuesday, reflecting a 10 kobo gain.
As a result, the gap between the parallel market and NFEM rates increased to N57 per dollar from N46.9 per dollar the previous day.
