The Naira depreciated to N1,575 per dollar in the parallel market, down from N1,565 per dollar the previous day.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also weakened, reaching N1,586.71 per dollar from N1,548.76 per dollar, marking a N37.95 decline.
Data from FMDQ revealed a significant decrease in market turnover, with the volume of dollars traded falling by 39% to $171.03 million from $280.92 million on Tuesday.
As a result, the margin between the parallel market rate and the NAFEM rate narrowed to N11.71 per dollar from N16.08 per dollar the day before.