The Nigerian naira recorded gains against the United States dollar on Wednesday, appreciating in both the official and parallel foreign exchange markets.
At the Nigerian Foreign Exchange Market (NFEM), the naira strengthened to N1,369 per dollar, improving from N1,376/$ recorded on Tuesday, according to data released by the Central Bank of Nigeria (CBN).
The development represents a N7 appreciation in the official exchange rate.
In the parallel market, the local currency also appreciated, trading at N1,385 per dollar, compared to N1,390/$ on Tuesday.
Despite the gains in both markets, the exchange rate gap between the official and parallel markets widened slightly to N16 per dollar, up from N14 recorded the previous day.
Meanwhile, trading activity at the official foreign exchange market declined significantly, with interbank turnover dropping by 66.5 per cent to N90.3 million, down from N269.9 million recorded on Tuesday.
