By Charles Pemu 
The Nigerian Naira experienced a depreciation in the official Nigerian Foreign Exchange Market (NFEM) yesterday, reaching N1,537 per dollar. This rate now surpasses the parallel market exchange rate by N2, marking an unusual divergence.
According to data released by the Central Bank of Nigeria (CBN), the Naira’s exchange rate in the NFEM rose to N1,537 per dollar from N1,536 per dollar recorded on Tuesday, indicating a N1 depreciation for the local currency.
Conversely, the Naira saw an appreciation in the parallel market, strengthening to N1,535 per dollar from N1,555 per dollar on Tuesday.