The naira weakened slightly in the parallel market on Wednesday, slipping to ₦1,490 per dollar from ₦1,480 recorded the previous day.
In contrast, the local currency strengthened at the official Nigerian Foreign Exchange Market (NFEM). Figures from the Central Bank of Nigeria (CBN) show that the indicative exchange rate improved to ₦1,419.50 per dollar, up from ₦1,420.25 on Tuesday. This represents a modest appreciation of 75 kobo for the naira at the official window.
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As a result of the divergent movements in both markets, the gap between the parallel and official exchange rates widened. The margin increased to ₦70.50 per dollar, compared with ₦59.75 recorded a day earlier.
