The naira appreciated by 0.16 per cent to N1530.52/$ from N1532.93/$ in the previous trading session on the Nigerian Foreign Exchange Market at the close of trading on Wednesday.
Data from the Central Bank of Nigeria revealed that the naira traded as high as N1545/$ and the lowest rate of N1500/$, which was lower than Tuesday’s.
At the parallel market, the naira remained unchanged at N1,585.00/$, thus widening the spread for speculative traders.
The gap between the official and parallel market rates narrowed to about 3.07 per cent from 3.40 per cent at the beginning of the week.
Although the naira depreciated slightly, the market has witnessed some stability due to structural reforms and increased forex inflows.
