The Naira depreciated to N1,655 per dollar in the parallel market on Wednesday, down from N1,650 per dollar the previous day.
Similarly, the Naira weakened to N1,545 per dollar in the official foreign exchange market.
According to data from the Central Bank of Nigeria (CBN), the exchange rate in the Nigerian Foreign Exchange Market (NFEM) rose to N1,545 per dollar from N1,538 per dollar on Tuesday, marking a N7 drop in value.
As a result, the gap between the parallel market rate and the NFEM rate narrowed to N110 per dollar, down from N112 per dollar on Tuesday.
