The Naira has experienced a slight depreciation against the U.S. dollar, with the exchange rate in the parallel market rising to N1,655 per dollar, compared to N1,650 per dollar on Tuesday. Similarly, the Naira weakened in the official foreign exchange market, dropping to N1,545 per dollar from N1,538 per dollar the previous day.
According to data from the Central Bank of Nigeria (CBN), the exchange rate in the Nigerian Foreign Exchange Market (NFEM) increased by N7, reaching N1,545 per dollar. As a result, the margin between the parallel market and the NFEM rate narrowed slightly to N110 per dollar, from N112 per dollar the day before.
This depreciation continues to reflect the ongoing fluctuations in the exchange rate, with the gap between the official and parallel markets showing some narrowing. The movement of the Naira in both markets signals ongoing economic challenges and the need for careful monitoring.
