The naira strengthened against the dollar on Wednesday, gaining ground in both the parallel and official markets.
In the parallel market, the local currency appreciated to ₦1,392 per dollar, improving from ₦1,396 recorded on Tuesday.
A similar trend was observed in the official market, where the naira closed at ₦1,369 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Figures from the Central Bank of Nigeria showed that the indicative exchange rate dropped from ₦1,389 to ₦1,369 per dollar, marking a ₦20 appreciation for the currency.
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Despite the gains, the gap between the official and parallel market rates widened significantly. The spread increased to ₦23 per dollar, up from ₦5 recorded the previous day, highlighting continued disparities in forex demand and supply across the two markets.
