The Naira appreciated in the parallel market on Wednesday, trading at ₦1,512 per dollar, an improvement from the ₦1,515 per dollar recorded on Tuesday.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency experienced a slight decline, closing at ₦1,505 per dollar.
Data from the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate for the Naira rose to ₦1,505 per dollar from ₦1,502 per dollar the previous day, reflecting a depreciation of ₦3.
As a result, the difference between the parallel market and NFEM exchange rates narrowed to ₦7 per dollar, compared to ₦13 per dollar on Tuesday.