Naira strengthens across exchange markets

The naira recorded gains against the US dollar on Wednesday, appreciating to ₦1,615 in the parallel market, compared to ₦1,620 traded a day earlier.

At the official Nigerian Foreign Exchange Market (NFEM), the local currency also improved, closing at ₦1,583 per dollar.

This reflects a ₦5.5 gain from Tuesday’s rate of ₦1,588.5, according to figures from the Central Bank of Nigeria (CBN).

Following these developments, the disparity between the official rate and the parallel market widened slightly, moving from a ₦31.5 difference to ₦32.