Written by Elizabeth Adegbesan
In the parallel market, the Naira increased from N1,490 to N1,488 per dollar yesterday.
However, in the Nigerian Foreign Exchange Market (NFEM), the naira fell to N1,423 per dollar.
The indicative exchange rate for the naira increased to N1,423 per dollar from N1,420 per dollar on Tuesday, indicating a N3 depreciation for the currency, according to data from the Central Bank of Nigeria, or CBN.
As a result, the difference between the official and parallel markets shrank from N70 to N65 per dollar on Tuesday.
