In the official market, the Naira similarly declined to ₦1,545 per dollar, representing a ₦20 decrease from the previous day's rate of ₦1,525 per dollar.
Data from the Daily Nigerian Foreign Exchange Market (NFEM), as reported by the Central Bank of Nigeria (CBN), indicated that the indicative exchange rate followed a similar downward trend, raising concerns about the currency's stability.
Nevertheless, the gap between the parallel market rate and the NFEM rate slightly decreased to N55 per dollar, down from N60 per dollar on Tuesday.
Earlier reports on Wednesday noted that the Naira was trading at N1,585 per dollar in the parallel market on Tuesday, following a rate of N1,550 per dollar on Monday.