The Nigerian naira depreciated to N1,635 per dollar on Wednesday in the parallel market, a decline from N1,625 per dollar the previous day.
Since the beginning of May, the naira has experienced a 1.8% depreciation, losing N29 in the parallel market.
However, the naira showed some strength in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,596 per dollar, up from N1,599.8 per dollar on Tuesday, reflecting a N3.8 improvement.
As a result, the gap between the parallel market and the NFEM rate has widened to N39 per dollar, compared to N25.2 per dollar on Tuesday.
