The naira depreciated to N1,332 per dollar at the Nigerian Foreign Exchange Market on Thursday, despite appreciating to N1,362/$ in the parallel market.
Data from the Central Bank of Nigeria showed that the indicative exchange rate weakened from N1,329.50/$ on Wednesday to N1,332/$, representing a N2.50 depreciation.
However, the local currency strengthened at the parallel market, where it traded at N1,362/$, compared with N1,370/$ recorded on Wednesday.
The divergent movements narrowed the gap between the official and parallel markets to N30 per dollar, from N40.50/$ the previous day.
The development came as trading activity in the official market also declined.
The value of transactions in the Nigerian Foreign Exchange Market fell by 14.19 per cent to $154.02m, from $179.50m recorded on Wednesday.
The latest movement reflects continued fluctuations in the foreign exchange market as the naira trades at different rates across the official and parallel segments.
The CBN data showed that despite the naira’s gain in the parallel market, the currency came under pressure at the official window, where the indicative rate weakened slightly.
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