See the Current Value of Naira to Dollars in Parallel Market
The Naira experienced a decline on Wednesday, dropping to N1,670 per dollar in the parallel market, down from N1,660 per dollar on Tuesday. Likewise, in the official foreign exchange market, the Naira weakened to N1,550 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the exchange rate in the Nigerian Foreign Exchange Market (NFEM) increased to N1,550 per dollar from N1,549 per dollar the previous day, reflecting a N1 depreciation.
As a result, the gap between the parallel market rate and the NFEM rate expanded to N120 per dollar, compared to N111 per dollar on Tuesday.
