Naira Strengthens Slightly to N1,512/$ in Parallel Market

The Naira saw a slight appreciation in the parallel market, rising to N1,512 per dollar from N1,515 per dollar on Tuesday.

However, in the Nigerian Foreign Exchange Market (NFEM), the Naira weakened, falling to N1,505 per dollar compared to N1,502 per dollar the previous day, marking a depreciation of N3.

According to data from the Central Bank of Nigeria (CBN), this shift resulted in the exchange rate gap between the parallel market and NFEM narrowing to N7 per dollar, down from N13 per dollar recorded on Tuesday.

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