The Naira gained value against the US dollar in the parallel market, trading at N1,490 per dollar on Wednesday. This marks an improvement from Tuesday’s rate of N1,502 per dollar.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the local currency also saw an increase in value, reaching N1,499.8 per dollar. This is a slight gain compared to the previous day’s rate of N1,501 per dollar.
Data from the FMDQ Exchange, which tracks official forex trading, showed that the indicative exchange rate for the Naira dropped to N1,499.8 per dollar. This represents an appreciation of 20 kobo from Tuesday’s rate.
With these changes, the difference between the parallel market rate and the official NFEM rate widened. On Tuesday, the gap was just 50 kobo per dollar, but by Wednesday, it had increased to N9.8 per dollar.
