The naira fell to N1,520 per US dollar in the unofficial market on Wednesday, a decline from N1,515 per US dollar on Tuesday.
This depreciation trend was also observed in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the naira fell to N1,512.61 per US dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,512.61 per US dollar, down from N1,509.45 per US dollar on Tuesday. This represents a N3.16 depreciation for the naira.
The margin between the parallel market and NAFEM rates widened to N7.39 per US dollar, up from N5.55 per US dollar on Tuesday.
