By Opeyemi Adelakun
The naira appreciated marginally against the US dollar in the parallel market on Wednesday, strengthening to N1,370 per dollar from N1,375 recorded the previous day.
However, the local currency recorded a slight depreciation in the Nigerian Foreign Exchange Market, NFEM, where it closed at N1,329 per dollar.
Data from the Central Bank of Nigeria showed that the indicative exchange rate moved to N1,329/$ from N1,328/$ on Wednesday, representing a N1 depreciation of the naira.
The latest movement narrowed the gap between the parallel and official exchange rates to N41 per dollar, compared with N47 recorded a day earlier.
Meanwhile, trading activity in the official foreign exchange market declined significantly, with interbank turnover falling by 62.05 per cent to $105.95 million from $279.2 million recorded on Wednesday.
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