The Nigerian Naira experienced a decline in value on Wednesday, trading at N1,385 per dollar in the parallel market, a slight dip from the N1,380 recorded on Tuesday. Similar downward pressure was observed in the Nigerian Foreign Exchange Market (NFEM).
Official statistics provided by the Central Bank of Nigeria (CBN) reveal that the benchmark exchange rate climbed to N1,389 per dollar, up from Tuesday’s N1,373, representing a depreciation of N16. This shift resulted in the price gap between the parallel and official exchange rates shrinking to N4, down from the previous day’s spread of N25.
Activity levels within the NFEM showed a minor increase, with daily turnover rising by 0.24 percent to reach N125.6 million, compared to the N125.3 million reported previously.
