The naira strengthened against the US dollar on Wednesday, closing at ₦1,615 in the parallel market, an improvement from ₦1,620 recorded the previous day.
In the official Nigerian Foreign Exchange Market (NFEM), the local currency also appreciated, trading at ₦1,583 per dollar.
This marks a gain from Tuesday’s rate of ₦1,588.5, according to data from the Central Bank of Nigeria (CBN), representing a ₦5.5 increase in value.
As a result of these movements, the gap between the official exchange rate and the parallel market rate widened slightly, rising from ₦31.5 to ₦32 per dollar.