The naira recorded a slight depreciation across the foreign exchange (FX) market on Wednesday as renewed dollar demand, driven by summer travel plans, resurfaced.
By the close of trading at the parallel market, popularly referred to as the black market, the naira weakened by 1.2% to close at N1,550 per dollar, compared to N1,532 quoted the last week. This represents a N18 loss against the greenback.
At the official Nigerian Foreign Exchange Market (NFEM), data published by the Central Bank of Nigeria (CBN) showed that the local currency also depreciated slightly. The dollar was quoted at N1,534.52 on Wednesday, compared to N1,533.18 quoted on Tuesday, indicating a marginal N1.34 drop.