The naira recorded a mild appreciation against the US dollar on Wednesday, gaining ground in both the official and parallel foreign exchange markets.
In the parallel market, the currency strengthened to ₦1,382 per dollar, up from ₦1,387 recorded on Monday. The improvement reflects a slight easing in pressure from forex demand in the informal market.
At the official Nigerian Foreign Exchange Market (NFEM), the naira also posted gains, appreciating to ₦1,362 per dollar from ₦1,367.5 earlier in the week. According to data from the Central Bank of Nigeria (CBN), this represents a ₦5.5 improvement in the indicative exchange rate.
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Despite the parallel market gain, the gap between the official and black market rates widened slightly to ₦20 per dollar, compared to ₦19.5 previously.
Meanwhile, activity in the interbank foreign exchange market increased notably, with turnover rising by 19.4 percent to $71.6 million from $59.93 million recorded on Monday.
Analysts say the mixed movement reflects ongoing attempts to stabilise the naira, even as demand pressures from importers and other forex users continue to weigh on the market.
