The Naira weakened further yesterday, depreciating to ₦1,670 per dollar in the parallel market, down from ₦1,660 on Tuesday.
In the official foreign exchange market, the currency also dropped to ₦1,550 per dollar.
According to data from the Central Bank of Nigeria (CBN), the Nigerian Foreign Exchange Market (NFEM) rate increased slightly to ₦1,550 per dollar from ₦1,549 on Tuesday, reflecting a ₦1 depreciation.
As a result, the gap between the parallel market rate and the NFEM rate widened to ₦120 per dollar, compared to ₦111 on Tuesday.
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