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The Naira weakened further on Wednesday, trading at ₦1,585 per dollar in the parallel market, down from ₦1,565 per dollar on Tuesday.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to ₦1,546 per dollar, reflecting continued pressure on the local currency.
According to data from the Central Bank of Nigeria (CBN), the official exchange rate rose to ₦1,546 per dollar from ₦1,537 per dollar the previous day, marking a ₦9 drop in value.
As a result, the gap between the parallel market rate and the NFEM rate widened to ₦39 per dollar, compared to ₦37 per dollar on Tuesday, signaling ongoing volatility in the forex market.
