The naira gained 0.16%, rising to 1530.52/$ from 1532.93/$ 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 (CBN) revealed that the naira traded as high as 1545/$ and dipped to a low of 1500/$, which was lower than Tuesday’s range.
At the parallel market, CardinalStone Research reported that the naira remained steady at 1,585.00/$, widening the spread for speculative traders.
Analysts observed that the gap between the official and parallel market rates has narrowed to approximately 3.07%, down from 3.40% at the start of the week.
Despite the slight depreciation, analysts suggest that the market is showing signs of stabilization, driven by structural reforms and an increase in forex inflows.
