The naira appreciated slightly against the dollar on Wednesday, gaining strength in both the parallel market and the official Nigerian Foreign Exchange Market (NFEM).
At the parallel market, the naira exchanged at ₦1,380 per dollar, improving from ₦1,382 recorded on Tuesday.
Similarly, at the official market, the naira appreciated to ₦1,361 per dollar. Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate dropped from ₦1,362 per dollar on Tuesday to ₦1,361 per dollar, representing a ₦1 gain for the local currency.
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As a result, the gap between the official and parallel market rates widened slightly to ₦21 per dollar, compared to ₦20 recorded the previous day.
Meanwhile, activity at the interbank foreign exchange market increased significantly, with turnover rising by 120.9 percent to $158.2 million from $71.6 million recorded on Tuesday.
