Nigeria’s currency, the Naira, recorded a slight appreciation against the US dollar on Wednesday across both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the Naira strengthened to N1,380 per dollar, improving from N1,382/$ recorded on Tuesday.
Similarly, in the official market, the Naira appreciated to N1,361 per dollar. Data released by the Central Bank of Nigeria (CBN) showed the indicative exchange rate improved from N1,362/$ the previous day, reflecting a marginal gain for the local currency.
Despite the appreciation, the gap between the parallel market and official exchange rate widened slightly to N21 per dollar, compared to N20/$ recorded on Tuesday.
Meanwhile, activity in the interbank foreign exchange market surged significantly, with turnover rising by 120.9% to $158.2 million, up from $71.6 million recorded a day earlier.
