The naira appreciated to N1,575 per dollar in the parallel market on Wednesday, gaining N10 from its N1,585 per dollar rate on Monday.
However, data from the Central Bank of Nigeria, CBN, showed a marginal depreciation in the official market, where the indicative exchange rate edged up to N1,535 per dollar, compared to N1,533 per dollar at the start of the week.
Also Read: Dollar Exchanges For 1,040 Naira At Parallel Market
As a result, the gap between the parallel market and the official Nigerian Foreign Exchange Market, NFEM, rate narrowed to N40 per dollar, down from N52 per dollar on Monday.
The fluctuations reflect ongoing volatility in Nigeria’s currency markets amid efforts to stabilise the naira and manage exchange rate pressures.
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