The Nigerian currency, the naira, recorded fresh depreciation on Wednesday, weakening to ₦1,410 per dollar in the parallel market, down from ₦1,405 per dollar traded on Tuesday.
Similarly, the naira lost value in the official window, closing at ₦1,391 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate rose from ₦1,383.5 per dollar on Tuesday to ₦1,391 per dollar, indicating a ₦7.5 depreciation within a day.
Despite the decline across both segments, the gap between the parallel market and the official rate narrowed slightly. The margin reduced to ₦19 per dollar on Wednesday, compared to ₦21.5 recorded the previous day.
The latest figures underscore continued pressure on the naira across foreign exchange markets.
