The Naira gained value in the parallel market on Wednesday, trading at ₦1,512 per dollar, an improvement from the ₦1,515 per dollar rate recorded on Tuesday.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency weakened slightly, settling at ₦1,505 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira increased to ₦1,505 per dollar from ₦1,502 per dollar the previous day, marking a ₦3 depreciation.
As a result, the gap between the parallel market and NFEM exchange rates reduced to ₦7 per dollar, down from ₦13 per dollar on Tuesday.
