The Naira continued its decline in the parallel market on Thursday, trading at N1,495 per dollar, down from N1,490 per dollar recorded on Wednesday.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the currency depreciated further, reaching N1,496 per dollar.
Data from the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate climbed to N1,496 per dollar, compared to N1,495 per dollar the previous day, marking a slight drop in value.
As a result, the exchange rate difference between the parallel market and the NFEM narrowed to N1 per dollar, compared to the N9.8 per dollar gap observed the previous day.