The Nigerian naira recorded a slight improvement against the United States dollar in the parallel market on Wednesday, appreciating to ₦1,400 per dollar from ₦1,405 recorded on Tuesday.
However, the naira remained unchanged at ₦1,379 per dollar in the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).
With the parallel market rate improving, the gap between the official and unofficial exchange markets narrowed to ₦21 per dollar, compared with ₦26 per dollar recorded in the previous trading session.
Meanwhile, foreign exchange activity at the official market increased significantly, as turnover at the NFEM rose by 398.8 per cent to ₦208 million on Wednesday, up from ₦41.7 million on Tuesday.
The latest movement shows a marginal recovery for the naira in the parallel market, while the official exchange rate continues to maintain relative stability amid ongoing efforts by monetary authorities to improve liquidity and strengthen the foreign exchange market.
