The naira experienced a decline yesterday, slipping to N1,376 per dollar in the parallel market from its Monday position of N1,370 per dollar.
Similarly, the currency weakened for the second time this week within the Nigerian Foreign Exchange Market (NFEM), where it landed at N1,390 per dollar.
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Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the naira climbed to N1,390 per dollar, moving up from the N1,376 per dollar rate seen on Monday.
This represents a N14 depreciation for the national currency.
As a result of these shifts, the spread between the parallel and official markets has grown, widening to N14 per dollar from the much narrower N6 per dollar margin recorded at the beginning of the week.
