The Naira on Tuesday continued its downward trend, depreciating to N1,620 per dollar in the parallel market, a drop from N1,615/$ recorded the previous day.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the local currency also weakened, exchanging at N1,590 per dollar, down from N1,583/$ on Monday — reflecting a N7 loss in value.
According to data published by the Central Bank of Nigeria (CBN), the gap between the parallel market and the NFEM rate has slightly narrowed, dropping to N30 per dollar from N32 the day before.
