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The naira weakened further against the dollar on Wednesday, sliding to ₦1,610 in the parallel market, down from ₦1,605 recorded the previous day.
A similar trend was observed at the Nigerian Foreign Exchange Market (NFEM), where the local currency depreciated to ₦1,612 per dollar. According to updated figures from the Central Bank of Nigeria (CBN), this marks a ₦4 drop compared to Tuesday’s rate of ₦1,609.
As a result, the gap between the official and parallel market exchange rates narrowed to just ₦3, down from a ₦4 margin the previous day, reflecting a slight convergence in pricing across the two markets.
