By Ayomide Otitoju
The naira appreciated by 0.16 per cent to ₦1,530.52/$ on Wednesday, up from ₦1,532.93/$ recorded in the previous trading session on the Nigerian Foreign Exchange Market.
According to data from the Central Bank of Nigeria (CBN), the local currency traded as high as ₦1,545/$ and as low as ₦1,500/$, marking a decline in volatility compared to Tuesday’s session.
In the parallel market, the naira remained unchanged at ₦1,585.00/$, according to CardinalStone Research, widening the gap between official and unofficial rates and fueling speculative trading.
Analysts noted that the disparity between the official and parallel market rates has narrowed to approximately 3.07 per cent from 3.40 per cent earlier in the week. Despite slight fluctuations, experts believe that ongoing structural reforms and increased forex inflows are contributing to market stability.
