The Naira depreciated to N1,655 per dollar in the parallel market on Wednesday, down from N1,650 per dollar on Tuesday.
Similarly, in the official foreign exchange market, the Naira fell to N1,545 per dollar.
Data from the Central Bank of Nigeria (CBN) revealed that the Nigerian Foreign Exchange Market (NFEM) rate increased to N1,545 per dollar, up from N1,538 per dollar on Tuesday, marking a N7 depreciation.
As a result, the gap between the parallel market and NFEM rate narrowed to N110 per dollar, compared to N112 per dollar on Tuesday.
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