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Naira Strengthens Slightly in Parallel Market
The Naira appreciated to N1,512 per dollar in the parallel market on Wednesday, gaining three naira from its previous rate of N1,515 per dollar on Tuesday.
In contrast, the local currency weakened in the Nigerian Foreign Exchange Market (NFEM), where it depreciated to N1,505 per dollar from N1,502 per dollar the day before, according to data from the Central Bank of Nigeria (CBN). This represents a three-naira drop in value.
As a result, the gap between the parallel market and NFEM rates narrowed to N7 per dollar, down from N13 per dollar on Tuesday.
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