On Wednesday, the Nigerian Naira saw an increase in value, trading at N1,385 against the dollar in the parallel market, a slight rise from the N1,390 recorded on Tuesday. The official Nigerian Foreign Exchange Market (NFEM) also reflected this positive trend, with the currency firming up to N1,369 per dollar.
According to figures released by the Central Bank of Nigeria (CBN), the official indicative exchange rate dropped to N1,369 from the previous day’s N1,376, marking a gain of N7 for the local currency. This shift in values caused the spread between the unofficial and official rates to increase to N16, compared to the N14 margin observed on Tuesday.
Market activity saw a significant downturn, as the total interbank turnover at the NFEM plummeted by 66.5 percent, falling to 90.3 million dollars from the 269.9 million dollars reported just a day earlier.
