The Naira weakened to N1,670 per dollar in the parallel market yesterday, down from N1,665 per dollar on Tuesday.

Similarly, the Naira depreciated to N1,545 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) rose to N1545 per dollar from N1,540 per dollar on Tuesday, indicating N5 depreciation for the naira.

Similarly, data from FMDQ, showed that the exchange rate rose to N1,544.2 per dollar from N1,544.05 per dollar on Tuesday, indicating 15 kobo depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N125 per dollar from N120.95 per dollar on Tuesday.