The naira appreciated to N1,575 per dollar in the parallel market on Wednesday, strengthening from N1,585 per dollar recorded on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency depreciated to N1,535 per dollar, marking a slight decline.
According to data published by the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira rose to N1,535 per dollar from N1,533 per dollar on Monday, reflecting a N2 depreciation.
As a result, the gap between the parallel market and NFEM exchange rates narrowed to N40 per dollar, compared to N52 per dollar at the start of the week.
