The Nigerian naira recorded notable gains against the United States dollar on Wednesday, appreciating in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the naira strengthened to N1,615 per dollar, improving from N1,620 per dollar recorded on Tuesday. This reflects a N5 appreciation in the exchange rate.
Similarly, the naira saw a significant gain in the official market. According to data released by the Central Bank of Nigeria (CBN), the official exchange rate appreciated to N1,564 per dollar on Wednesday, compared to N1,579 per dollar the previous day—indicating a N15 improvement.
As a result of these changes, the gap between the parallel market and official exchange rates widened to N51 per dollar, up from N41 per dollar on Tuesday, highlighting increased divergence between both segments of the forex market.
