The Nigerian naira strengthened against the United States dollar in both parallel and official markets on Wednesday, continuing its recent recovery trend.
In the parallel market, the local currency appreciated to N1,615 per dollar, up from N1,620 recorded on Tuesday. This represents a N5 gain for the naira in unofficial trading.
The Nigerian Foreign Exchange Market also saw positive movement, with the naira rising to N1,564 per dollar compared to Tuesday’s rate of N1,579. Data released by the Central Bank of Nigeria confirmed this N15 appreciation in the official market.
The improved performance has widened the gap between the parallel and official exchange rates to N51 per dollar, up from N41 the previous day. This growing margin reflects the ongoing disparity between the formal and informal foreign exchange markets in Nigeria.
