According to reports, the Nigerian currency (Naira) depreciated from N1,255 per dollar on Tuesday to N1,305 per dollar on Wednesday in the parallel market.
The depreciation occurred despite the approval of the Central Bank Of Nigeria (CBN) to sell $10,000 at the rate of N1,021 per dollar to eligible BDCs on Tuesday.
The Nigerian currency, which is in free fall, depreciated in the Nigerian Foreign Exchange Market (NAFEM) to N1,308.52 per dollar.
Data from Financial Markets Dealers Quotation(FMDQ) revealed that the Naira depreciated by N8.37 after NAFEM’s indicative exchange rate rose to N1,308.52 per dollar from N1,300.15 per dollar on Tuesday narrowing the margin between the parallel market and NAFEM rates to N3.52/$ from N45.15/$.