The Naira appreciated against the US dollar on Wednesday, strengthening to ₦1,490 per dollar in the parallel market, up from ₦1,502 per dollar recorded the previous day.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the local currency improved slightly, settling at ₦1,499.8 per dollar, compared to ₦1,501 per dollar on Tuesday.
According to data from FMDQ, the indicative exchange rate showed a marginal gain of 20 kobo for the Naira in the official market. However, the gap between the parallel market rate and NFEM rate widened to ₦9.8 per dollar, a significant increase from the 50 kobo difference recorded on Tuesday.
The appreciation comes amid ongoing efforts by financial authorities to stabilize the forex market, with analysts closely monitoring fluctuations in demand and supply.
