The Nigerian naira strengthened against the United States dollar in both parallel and official markets on Wednesday.
In the parallel market, the local currency appreciated to N1,615 per dollar from N1,620 recorded on Tuesday.
The Nigerian Foreign Exchange Market also saw positive movement, with the naira gaining value to close at N1,583 per dollar compared to Tuesday’s rate of N1,588.5.
This represents a N5.5 appreciation for the local currency, according to data published by the Central Bank of Nigeria.
The latest development has widened the gap between the parallel market and official exchange rates to N32 per dollar, up from N31.5 recorded the previous day.
This growing margin highlights the continued disparity between the official and unofficial foreign exchange windows in Nigeria.
The appreciation comes amid ongoing efforts by the CBN to stabilize the foreign exchange market and boost liquidity through various monetary policy interventions.
