The Nigerian naira appreciated against the United States dollar in the parallel market on Wednesday, while posting a slight decline at the official foreign exchange market.
In the parallel market, the local currency strengthened to ₦1,412 per dollar, improving from ₦1,420 per dollar recorded on Monday.
However, at the Nigerian Foreign Exchange Market (NFEM), the naira weakened marginally as the official exchange rate closed at ₦1,382 per dollar, compared to ₦1,380.50 per dollar in the previous trading session.
Figures released by the Central Bank of Nigeria showed that the indicative exchange rate rose by ₦1.50, reflecting a slight depreciation of the naira at the official market.
The difference between the official and parallel market exchange rates also narrowed, with the spread reducing to ₦30 per dollar, down from ₦39.50 recorded on Monday.
Meanwhile, trading activity at the official foreign exchange market increased significantly. Interbank turnover surged by 182.2 per cent, rising to $243.09 million from $86.13 million recorded in the previous session, indicating stronger market participation and improved trading volumes.
