The Naira weakened further in the parallel market on Thursday, trading at N1,495 per dollar compared to N1,490 per dollar the previous day.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the local currency depreciated to N1,496 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira increased to N1,496 per dollar from N1,495 per dollar on Wednesday, reflecting a depreciation of N1.
As a result, the exchange rate gap between the parallel market and the NFEM narrowed to N1 per dollar, down from N9.8 per dollar recorded the previous day.
