The Naira Wednesday appreciated to ₦1,490 per dollar in the parallel market, strengthening from ₦1,495 per dollar recorded on Tuesday. Similarly, the local currency appreciated to ₦1,469 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data released by the Central Bank of Nigeria (CBN) showed that the exchange rate for the naira improved to ₦1,469 per dollar from ₦1,472 per dollar the previous day, representing a ₦3 gain.
As a result, the margin between the parallel market and NFEM rates narrowed to ₦21 per dollar, down from ₦23 per dollar on Tuesday.