The Nigerian naira recorded mixed performance against the United States dollar on Wednesday, appreciating in the parallel market while posting a slight decline in the official foreign exchange market.
At the parallel market, the naira strengthened to ₦1,400 per dollar from ₦1,410 per dollar recorded on Tuesday, reflecting improved demand-supply dynamics among currency traders.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency weakened marginally. Data released by the Central Bank of Nigeria showed that the indicative exchange rate rose to ₦1,363 per dollar from ₦1,359.50 per dollar the previous day, representing a depreciation of ₦3.50.
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Despite the decline in the official market, the gap between the official and parallel market exchange rates narrowed significantly. The difference dropped to ₦37 per dollar from ₦50.50 per dollar recorded on Tuesday.
The narrower spread suggests a gradual convergence between both markets, a development analysts say could help improve confidence in the foreign exchange system and reduce opportunities for speculative trading.
Market observers noted that while pressure remains on the official market due to foreign exchange demand, the relative stability across both segments continues to reflect ongoing efforts to improve liquidity and manage exchange rate volatility.
