In the parallel market, the Naira increased to N1,395 per dollar Wednesday from N1,405 per dollar the previous week. 

On the Nigerian Foreign Exchange Market, or NFEM, the naira fell to N1,383 for every dollar.

The indicative exchange rate for the naira increased to N1,383 per dollar from N1,362 per dollar last Wednesday, according to data from the Central Bank of Nigeria, or CBN. This indicates that the currency has depreciated by N11. 

As a result, the difference between the official and parallel markets shrank from N43 per dollar to N12 per dollar last week.

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