The Naira experienced a decline yesterday, trading at N1,495 per dollar in the parallel market, down from N1,490 per dollar on Wednesday.
Likewise, the Nigerian Foreign Exchange Market (NFEM) saw the local currency drop to N1,496 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate climbed from N1,495 to N1,496 per dollar, reflecting a depreciation of N1.
As a result, the gap between the parallel market and NFEM rates tightened significantly, reducing from N9.8 per dollar to just N1 per dollar.
