- Parallel Market and Official Exchange Rates Show Marginal Gains
The Naira saw a modest appreciation against the U.S. dollar on Wednesday, strengthening to N1,490 per dollar in the parallel market, up from N1,502 per dollar recorded on Tuesday.
Similarly, data from the FMDQ Securities Exchange showed a slight gain in the official Nigerian Foreign Exchange Market (NFEM), where the indicative exchange rate improved to N1,499.8 per dollar, compared to N1,501 per dollar the previous day—marking a 20 kobo appreciation.
As a result, the gap between the parallel market and NFEM rates widened to N9.8 per dollar, a significant increase from the 50 kobo margin recorded a day earlier.
