The Naira strengthened against the U.S. dollar in both the parallel and official foreign exchange markets on Wednesday.
In the parallel market, the local currency appreciated to N1,630 per dollar, up from N1,640 per dollar recorded on Tuesday. Similarly, in the official Nigerian Foreign Exchange Market (NFEM), the Naira gained value, closing at N1,507 per dollar, compared to N1,520 per dollar the previous day.
Data from the Central Bank of Nigeria (CBN) confirmed the appreciation, reflecting a N12.7 gain for the Naira in the NFEM. However, the gap between the parallel market and the official rate widened to N122.7 per dollar, up from N120 per dollar on Tuesday.
The recent appreciation comes amid ongoing foreign exchange policy reforms by the CBN to stabilize the Naira and improve liquidity in the FX market.
