Business
Naira Weakens Further Across Exchange Markets
The Naira weakened further against the US dollar on Wednesday, closing at N1,585 per dollar in the parallel market, down from N1,565 on Tuesday. In the Nigerian Foreign Exchange Market (NFEM), the local currency also depreciated, settling at N1,546 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate climbed to N1,546 per dollar, compared to N1,537 on Tuesday—marking a N9 drop in value. As a result, the gap between the parallel market and the official NFEM rate widened to N39, up from N37 the previous day.
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