The Nigerian naira recorded a slight gain against the US dollar on Wednesday, appreciating in both the parallel market and the official Nigerian Foreign Exchange Market (NFEM).
At the parallel market, the naira strengthened to ₦1,385 per dollar, improving from ₦1,390 per dollar recorded on Tuesday.
The local currency also appreciated in the official market, where the Central Bank of Nigeria's data showed the indicative exchange rate closed at ₦1,369 per dollar, compared to ₦1,376 per dollar in the previous trading session. This represents a ₦7 gain for the naira.
Despite the appreciation, the difference between the official and parallel market rates widened slightly to ₦16 per dollar, up from ₦14 recorded on Tuesday.
Meanwhile, activity in the official foreign exchange market slowed significantly. Interbank turnover at the NFEM dropped by 66.5 per cent, falling from $269.9 million on Tuesday to $90.3 million on Wednesday.
