The naira depreciated against the United States dollar on Thursday, weakening in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency fell to N1,403 per dollar, down from N1,385 per dollar recorded on Wednesday, representing an 18-naira loss.
The naira also posted a slight decline in the official market, with data from the Central Bank of Nigeria (CBN) showing that the indicative exchange rate weakened to N1,371.4 per dollar from N1,369 per dollar a day earlier.
The movement represents a N2.4 depreciation at the official foreign exchange window.
As a result of the decline in both markets, the gap between the parallel market and the official exchange rate widened significantly to N31.6 per dollar, compared with N16 per dollar recorded on Wednesday.
Meanwhile, trading activity at the Nigerian Foreign Exchange Market slowed during the session. Interbank turnover declined by 4.9 per cent to $85.5 million, down from $90.3 million recorded the previous day, according to CBN data.
