The Nigerian Naira continued its downward trend against the US Dollar, depreciating in both the official and parallel foreign exchange markets on Wednesday.
VANGUARD NEWS reports that the Nigerian Naira extended its losses against the US Dollar on Wednesday, depreciating in both the official and parallel foreign exchange markets.
According to data from the Central Bank of Nigeria (CBN), the exchange rate in the Nigerian Foreign Exchange Market (NFEM) weakened to N1,498 per dollar from N1,485.5 per dollar the previous day, representing a N12.5 decline for the currency.
Simultaneously, the Naira dipped in the parallel market, trading at N1,537 per dollar compared to N1,535 per dollar on Tuesday.
Consequently, the gap between the official and parallel market rates narrowed significantly to N39 per dollar from N49.95 per dollar.