The Nigerian naira experienced a slight depreciation in the parallel market, falling to N1,620 per dollar on Wednesday, down from N1,618 per dollar the previous day. Meanwhile, the naira made modest gains in the official Nigerian Foreign Exchange Market (NFEM), appreciating to N1,599 per dollar, up from N1,604 per dollar on Tuesday. This reflects a N5 improvement in the official market rate.

The Central Bank of Nigeria (CBN) released new data revealing the indicative exchange rate for the naira in the NFEM, showing a modest rise from N1,604 to N1,599. This shift marks an incremental strengthening of the currency by N5, contrasting with its parallel market decline. As a result, the gap between the parallel market rate and the official NFEM rate has expanded, increasing to N21 per dollar from N14 the previous day.

These movements reflect the ongoing volatility and fluctuation within Nigeria’s foreign exchange markets, highlighting the challenges faced by the naira amid both domestic economic pressures and global market forces.