The naira recorded a modest gain on Wednesday, appreciating to ₦1,490 per dollar in the parallel market, up from ₦1,495/$ on Monday.
Similarly, the local currency strengthened at the official window, trading at ₦1,420 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate improved slightly from ₦1,420.5/$ on Monday to ₦1,420/$, reflecting a 50 kobo appreciation.
As a result of the gains across both markets, the gap between the parallel market and the official rate narrowed to ₦70 per dollar, compared to ₦74.5/$ recorded earlier in the week.
Market watchers attribute the marginal appreciation to improved dollar supply and cautious optimism among traders, although analysts note that sustained stability will depend on consistent forex inflows and policy clarity.
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