Naira Strengthens to ₦1,550/$ at Parallel Market, Weakens Slightly on Official Window

The Nigerian currency recorded mixed fortunes on Wednesday as the naira appreciated in the parallel market but slipped marginally in the official trading window.

At the parallel market, the naira gained ₦5 to close at ₦1,550 per dollar compared to Tuesday’s rate of ₦1,555/$, signaling improved demand dynamics.

However, in the Nigerian Foreign Exchange Market (NFEM), the local currency depreciated slightly, trading at ₦1,537.99/$ against Tuesday’s closing of ₦1,534.50/$. This reflects a ₦3.49 drop in value based on data published by the Central Bank of Nigeria (CBN).

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As a result, the gap between the official market and the parallel market narrowed to ₦17.01 per dollar from ₦20.50 per dollar on Tuesday.

Market analysts say the fluctuations highlight ongoing liquidity pressures and speculative activities shaping the forex market, even as efforts continue to stabilize the naira across different trading platforms.