The Naira strengthened slightly in the parallel market on Wednesday, rising to N1,745 per dollar, up from N1,755 per dollar the previous day.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira experienced a depreciation, falling to N1,660.83 per dollar from N1,659.44 per dollar on Tuesday.
This marked a decline of N1.39 against the dollar.
Trading activity also saw a significant dip, with the volume of dollars traded (turnover) dropping by 20.8 percent to $337.07 million, down from $425.98 million on Tuesday.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N84.17 per dollar, from the N95.56 per dollar difference recorded the day before.