The naira recorded a modest gain on Wednesday, strengthening against the US dollar in both the official and parallel foreign exchange markets.
At the parallel market, the local currency appreciated to ₦1,470 per dollar, improving from ₦1,478 per dollar recorded last Wednesday.
Similarly, at the Nigerian Foreign Exchange Market (NFEM), the naira gained ground, closing at ₦1,446.4 per dollar. Data from the Central Bank of Nigeria showed that this represented an appreciation of ₦4.6 from the ₦1,451 per dollar rate recorded a week earlier.
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Naira depreciates to N1,478/$ in parallel market
As a result of the improved performance, the gap between the parallel market rate and the official exchange rate narrowed. The margin dropped to ₦23.6 per dollar from ₦27 per dollar last Wednesday, reflecting a slight convergence between the two markets.
