The Nigerian currency, the Naira, experienced a positive shift in the parallel market, strengthening to ₦1,375 per dollar compared to ₦1,500 per dollar on Tuesday.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to ₦1,339.33 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to ₦1,329.65 per dollar from ₦1,173.88 per dollar on Tuesday, resulting in a depreciation of ₦155.77 for the Naira.
As a result, the margin between the parallel market and NAFEM rates narrowed to ₦45.35 per dollar from ₦326.12 per dollar on Tuesday.
