The naira on Wednesday witnessed a slight gain in the parallel market, appreciating to N1,610 per dollar compared to N1,620 per dollar recorded on Tuesday.
This marks a N10 improvement in the value of the local currency within the informal exchange window.
However, in contrast, the official Nigerian Foreign Exchange Market experienced a depreciation of the naira. On Wednesday, the currency weakened to N1,592 per dollar from the N1,590 per dollar rate recorded on Tuesday.
According to data released by the Central Bank of Nigeria, the NFEM recorded a N2 drop in the value of the naira.
This shift reflects ongoing fluctuations in the country’s foreign exchange market amid varying market pressures.
Despite the depreciation in the official market, the gain in the parallel market led to a narrowing of the gap between both exchange windows.
Previously at N30 per dollar on Tuesday, the margin closed to N12 per dollar by Wednesday.
This development indicates a temporary alignment in exchange rates across different market segments, offering a glimpse of stability amid ongoing currency volatility.
Analysts continue to monitor the trends closely as market forces influence daily fluctuations.
