Mixed movements were recorded in the foreign exchange market on Wednesday as the naira depreciated in the parallel market but posted a marginal appreciation at the official window.
At the parallel market, the local currency weakened to N1,478 per dollar, compared with N1,475 per dollar recorded on Tuesday, reflecting a slight loss in value against the United States currency.
In contrast, the naira strengthened at the Nigerian Foreign Exchange Market (NFEM), trading at N1,451 per dollar. This represented an improvement from the N1,452 per dollar rate recorded the previous day.
Data released by the Central Bank of Nigeria (CBN) confirmed the marginal appreciation at the official market, indicating a N1 gain for the naira within the NFEM trading framework.
As a result of the divergent movements, the gap between the parallel market rate and the official exchange rate widened to N27 per dollar, up from N23 per dollar on Tuesday, highlighting continued price disparities across the foreign exchange market segments.