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The naira strengthened against the US dollar on Wednesday at the official foreign exchange market.
It traded at N1,394 per dollar at the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).
This was stronger than the rate recorded the previous day and marked the naira’s best performance in the official market since April 2024.
Central bank figures showed the exchange rate improved from N1,409.5 per dollar on Tuesday to N1,394, meaning the naira gained N15.5.
The local currency also rose slightly at the parallel market, where it traded at N1,485 per dollar, compared with N1,488 the day before.
However, despite the gains, the gap between the official and parallel market rates widened to N91 per dollar, up from N78.5 on Tuesday.
