The naira recorded, on Wednesday, further drop in value in the parallel market, closing at N1,620 to a US dollar, compared to the N1,618 rate.
Meanwhile, the official Nigerian Foreign Exchange Market (NFEM) recorded a slight improvement in the naira’s strength, with the rate moving to N1,599 per dollar, a gain of N5 from Tuesday’s rate of N1,604.
The Central Bank of Nigeria (CBN) released new figures confirming this change. According to the CBN data, this development shows a widening gap between the two major currency markets in Nigeria — the official and the parallel market.
With this, the difference in exchange rates has now increased to N21, up from N14 just a day before.
