The naira strengthened on Wednesday, trading at ₦1,449 per dollar in the parallel market, up from ₦1,457 per dollar recorded on Tuesday.
At the official Nigerian Foreign Exchange Market (NFEM), the local currency also gained ground, appreciating to ₦1,440 per dollar from ₦1,441.75 the previous day, according to data released by the Central Bank of Nigeria (CBN). This represents an improvement of ₦1.75.
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With this movement, the gap between the parallel market and the official rate narrowed to just ₦9 per dollar, down from ₦15.25 on Tuesday — a sign of increasing alignment between the two markets.
