The Naira recorded a slight appreciation in the parallel market yesterday, rising to ₦1,492 per dollar from ₦1,495 per dollar recorded on Tuesday. Conversely, the Naira depreciated in the Nigerian Foreign Exchange Market.

Data published by the Central Bank of Nigeria, however, indicated that the official exchange rate for the Naira actually improved, as it rose to ₦1,462 per dollar from ₦1,464.5 per dollar on Tuesday, signifying a ₦2.5 appreciation for the Naira in the official window.

Consequently, the margin between the parallel market rate and the NFEM rate narrowed to ₦30 per dollar from ₦35.5 per dollar recorded on Tuesday.