The Naira experienced contrasting movements in the foreign exchange markets yesterday. In the parallel market, the Naira appreciated slightly, trading at N1,512 per dollar compared to N1,515 per dollar on Tuesday.

However, in the Nigerian Foreign Exchange Market (NFEM), the Naira faced a minor depreciation. According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate increased to N1,505 per dollar, up from N1,502 per dollar on Tuesday. This represents a N3 decline in the Naira's value within the official market.

As a result, the gap between the parallel market and NFEM rates narrowed significantly. The margin decreased to N7 per dollar, down from N13 per dollar on Tuesday, reflecting a closer alignment between the two exchange rates.