The Nigerian Naira saw an appreciation yesterday, rising to N1,490 per dollar in the parallel market, up from N1,502 per dollar on Tuesday.
The Naira also strengthened in the Nigerian Foreign Exchange Market (NFEM), reaching N1,499.8 per dollar.
According to data from FMDQ, the indicative exchange rate for the Naira decreased to N1,499.8 per dollar from N1,501 per dollar on Tuesday, representing a 20 kobo improvement.
This resulted in a widened gap between the parallel market rate and the NFEM rate, which increased to N9.8 per dollar from 50 kobo per dollar the previous day.