The Naira weakened to N1,740 per dollar in the parallel market on Wednesday, down from N1,735 per dollar on Tuesday.
Conversely, the Naira showed gains in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,645.4 per dollar.
Data from FMDQ revealed that the indicative exchange rate for NAFEM improved to N1,645.4 per dollar from N1,689.88 per dollar on Tuesday, marking a N44.48 increase in value for the Naira.
Dollar trading volume in the NAFEM surged by 122.5 percent, reaching $236.84 million, up from $106.44 million on Tuesday.
As a result, the gap between the parallel market rate and the NAFEM rate widened significantly, increasing to N94.6 per dollar from N45.12 per dollar the previous day.