The Naira on Wednesday depreciated to N1,405 per United States dollar in the parallel market from N1,389 per dollar on Tuesday.
Similarly, the Nigerian currency depreciated to N1,361.5 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data from the Central Bank of Nigeria showed that the indicative exchange rate for the market rose to N1,361.5 per dollar from N1,356.5 per dollar on Tuesday, indicating N5 depreciation.
Consequently, the margin between the parallel and official markets narrowed to N43.5 per dollar from N32.5 per dollar on Tuesday.
The interbank turnover at NFEM fell by 56.8% to N54.3 million on Wednesday from N125.7 million the previous day.
