The naira appreciated yesterday in the parallel market, strengthening to N1,615 per dollar from Tuesday’s rate of N1,620 per dollar.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira improved to N1,564 per dollar.
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According to data released by the Central Bank of Nigeria (CBN), the exchange rate in the NFEM dropped to N1,564 per dollar from N1,579 per dollar on Tuesday, reflecting a N15 appreciation for the naira.
As a result, the gap between the parallel market rate and the NFEM rate widened to N51 per dollar, compared to N41 per dollar the day before.