The naira weakened further in Nigeria’s parallel (black) market, falling to ₦1,540 per US dollar on Wednesday, down from ₦1,525 the previous day.
Conversely, in the Nigerian Foreign Exchange Market (NFEM), the naira saw modest appreciation. Data from the Central Bank of Nigeria showed the official exchange rate improved to ₦1,502.50 per dollar from ₦1,506.50, reflecting a gain of ₦6.50.
The divergence between the parallel market rate and the official rate widened significantly, with the spread now standing at ₦37.50, up from ₦18.50 just the day before.
