The naira appreciated to N1,610 per dollar in the parallel market on Wednesday, improving from N1,620 per dollar recorded on Tuesday.
However, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated slightly to N1,592 per dollar, compared to N1,590 per dollar the previous day. This represents a N2 drop in value, according to data released by the Central Bank of Nigeria (CBN).
As a result, the gap between the parallel market and official market rates narrowed significantly. The margin dropped to N12 per dollar on Wednesday from N30 per dollar on Tuesday, reflecting increased convergence between the two markets.
