“The exchange rate for the naira fell to N1,583 per dollar from N1,588.5 per dollar on Tuesday,” according to CBN data.
The naira appreciated to N1,615 per dollar in the parallel market on Wednesday, gaining N5 from N1,620 traded on Tuesday.
In the Nigerian Foreign Exchange Market (NFEM), the naira also strengthened, trading at N1,583 per dollar, up from N1,588.5 the previous day.
Data released by the Central Bank of Nigeria (CBN) confirmed a N5.5 appreciation in the official rate.
This upward movement narrowed the gap slightly, but the margin between the official and parallel market rates widened marginally to N32 from Tuesday’s N31.5.
The appreciation reflects a continuing trend of slight volatility in the foreign exchange market amid efforts by monetary authorities to stabilise the naira.
Market analysts attribute the gain to improved forex inflows and sustained intervention by the CBN.
As of press time, traders in Lagos attributed the improved rate to reduced demand pressure and increased dollar liquidity.
More clarity is expected as the CBN continues to implement its forex reform measures.