On Wednesday, the Naira weakened to N1,655 per dollar in the parallel market, down from N1,650 per dollar on Tuesday.

Similarly, in the official foreign exchange market, the Naira depreciated to N1,545 per dollar.

Data from the Central Bank of Nigeria (CBN) indicated that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) increased to N1,545 per dollar from N1,538 per dollar on Tuesday, marking a N7 decline for the Naira.

As a result, the gap between the parallel market rate and the NFEM rate narrowed to N110 per dollar, down from N112 per dollar on Tuesday.