The Naira experienced another drop in the parallel market, trading at N1,668 per dollar yesterday, a decline from N1,600 per dollar on Wednesday.
This depreciation represents a notable setback for the currency's value in the unofficial market.
Conversely, the Naira gained strength in the official foreign exchange market, rising to N1,534.6 per dollar.
Data from the Daily Nigerian Foreign Exchange Market (NFEM) released by the Central Bank of Nigeria (CBN) indicates that the indicative exchange rate improved by N10.4, increasing from N1,545 per dollar on Wednesday.
These fluctuations have led to a significant widening of the gap between the parallel market rate and the official rate, with the margin expanding to N133.4 per dollar yesterday, compared to N55 per dollar earlier in the week.
Reports on Thursday indicated that the Naira traded at N1,600 per dollar in the parallel market on Wednesday, following a rate of N1,585 per dollar on Tuesday.