Naira gains slightly in parallel market, trades at N1,492 per dollar

The Naira recorded a modest gain in the parallel market on Wednesday, appreciating to N1,492 per dollar from N1,495 per dollar the previous day.

However, in the Nigerian Foreign Exchange Market (NFEM), the local currency slightly depreciated to N1,462 per dollar, compared to N1,464.5 per dollar on Tuesday, according to data released by the Central Bank of Nigeria (CBN).

This movement represents a ₦2.5 appreciation for the Naira in the official window, reflecting relative stability across both markets.

As a result, the exchange rate gap between the parallel market and the NFEM narrowed to ₦30 per dollar, down from ₦35.5 per dollar recorded on Tuesday.