The naira appreciated by 0.16 percent to 1530.52/$ from 1532.93/$ in the previous trading session on the Nigerian Foreign Exchange Market at the close of trading on Wednesday.
Data from the Central Bank of Nigeria showed that the naira traded at a high of 1545/$ and a low of 1500/$, which was lower than Tuesday’s rates.
In the parallel market, CardinalStone Research noted that the naira remained stable at 1,585.00/$, increasing the spread for speculative traders.
Analysts pointed out that the gap between the official and parallel market rates has narrowed to about 3.07%, compared to 3.40% at the start of the week.
While the naira experienced a slight depreciation, analysts believe the market is stabilizing due to ongoing structural reforms and an increase in forex inflows.
