The Nigerian naira on Wednesday depreciated to N1,391 per dollar in the parallel market, down from N1,350 per dollar recorded on Tuesday.
Similarly, the local currency weakened in the Nigerian Foreign Exchange Market (NFEM), closing at N1,359.5 per dollar.
Data obtained from the Central Bank of Nigeria showed that the indicative exchange rate rose slightly to N1,359.5 per dollar from N1,359 per dollar the previous day, reflecting a 50 kobo depreciation.
The development indicates sustained pressure on the naira across both official and unofficial segments of the foreign exchange market, amid ongoing demand for dollars.
