The Nigerian naira continued its downward trend on Wednesday, depreciating to N1,550 per US dollar in the parallel market, compared to N1,530/$ the previous day.
The local currency also lost ground in the official Nigerian Foreign Exchange Market, where it closed at N1,537/$ against Tuesday’s rate of N1,532.5/$.
Central Bank of Nigeria data revealed a N4.5 decline in the official exchange rate, widening the gap between the parallel and official markets to N13 per dollar – a significant increase from the N2.5 margin recorded on Tuesday.
