On Wednesday, the Naira experienced an appreciation in the parallel market, strengthening to N1,575 per dollar from the N1,585 per dollar recorded on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira witnessed a slight depreciation, reaching N1,535 per dollar, compared to N1,533 per dollar on Monday. This represents a N2 decline in value.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira rose to N1,535 per dollar, signaling a marginal weakening of the currency.
As a result, the difference between the parallel market rate and the NFEM rate reduced significantly, narrowing to N40 per dollar, in contrast to the N52 per dollar gap observed on Monday.
