The naira appreciated by ₦7 against the United States dollar on Wednesday, closing at ₦1,369/$ in the Nigerian Foreign Exchange Market (NFEM).
Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate improved from ₦1,376/$ recorded on Tuesday to ₦1,369/$.
In the parallel market, the naira also gained strength, appreciating to ₦1,385/$ from ₦1,390/$ recorded the previous day.
Despite the gains recorded in both segments of the foreign exchange market, the gap between the official and parallel market rates widened slightly to ₦16 per dollar from ₦14 recorded on Tuesday.
