Naira Falls to ₦1,585/$ in Parallel Market, Exchange Rate Widens
The Naira continued its downward trend on Wednesday, falling to ₦1,546 per dollar in the Nigerian Foreign Exchange Market (NFEM) from ₦1,537 per dollar on Tuesday, marking a ₦9 depreciation.
Similarly, in the parallel market, the local currency weakened further, depreciating to ₦1,585 per dollar, down from ₦1,565 per dollar the previous day.
As a result, the exchange rate gap between the parallel market and the NFEM widened to ₦39 per dollar.
