The Nigerian naira recorded a small gain in the parallel market, trading at N1,512 per dollar on Wednesday. This marks a slight improvement from N1,515 per dollar recorded the previous day.
However, in the official Nigerian Foreign Exchange Market (NFEM), the naira lost some value, falling to N1,505 per dollar compared to N1,502 per dollar on Tuesday. Data from the Central Bank of Nigeria (CBN) revealed this N3 depreciation, showing a continued fluctuation in the exchange rate.
The gap between the parallel market rate and the NFEM rate also became smaller, reducing to N7 per dollar from N13 per dollar on Tuesday. This suggests a slight alignment between both markets, even as the currency struggles against the dollar.
