At the close of trading Wednesday, the naira’s fortunes continued to dwindle in both the Official and parallel markets.
According to data from the Central Bank of Nigeria (CBN), the naira further depreciated to N1,538.68 per dollar on the Nigerian Foreign Exchange Market (NFEM), reflecting a concerning drop from the previous day’s rate of N1,536.15 per dollar—a loss of N2.53k.
The parallel market echoed this downturn, with the naira sinking to N1,585 per dollar, down from N1,580 Tuesday.
This decline has inevitably widened the chasm between the parallel market and NFEM rates to a significant N47 per dollar, signalling deeper concerns for traders and consumers alike.
