The Naira recorded slight gains on Wednesday, appreciating to ₦1,515/$1 in the parallel market, compared to ₦1,518/$1 on Tuesday.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the local currency appreciated to ₦1,486.8/$1, up from ₦1,493.2/$1 the previous day.
According to data from the Central Bank of Nigeria (CBN), this represents a ₦6.4 improvement in the official exchange rate, reflecting modest strengthening of the Naira amid persistent volatility in the forex market.
The parallel market continues to trade at higher levels than the official window, highlighting the ongoing gap between demand and supply of foreign exchange.
Analysts note that while the Naira’s appreciation offers short-term relief, sustained stability will depend on stronger forex inflows, improved investor confidence, and structural reforms to reduce reliance on the black market.
