The naira resumed its depreciation at the foreign exchange market on Wednesday with the parallel market quoting it for N1,655 per dollar, down from the N1,650 of the previous day. This drop indicates that the currency is still under pressure despite the volatility.
In the approved foreign exchange market, Naira fell to N1,545 per dollar as of yesterday from N1,538 per dollar on Tuesday. The Central Bank of Nigeria (CBN) found that the currency depreciated by N7 indicating that the currency is having issues in the formal and informal market.
Due to these changes, the difference between the parallel market rate and the Nigerian Foreign Exchange Market (NFEM) rate has reduced marginally. The margin reduced from N112 per dollar to N110 per dollar. The fall in prices across different segments explains this adjustment.