The naira appreciated by 0.16 per cent 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 revealed that the naira traded as high as 1545/$ and the lowest rate of 1500/$, which was lower than Tuesday’s.
At the parallel market, CardinalStone Research said that the naira remained unchanged at 1,585.00/$, thus widening the spread for speculative traders.
Analysts reported that the gap between official and parallel market rates has narrowed to about 3.07 per cent from 3.40 per cent at the beginning of the week.
Although the naira depreciated slightly, analysts suggest the market is stabilising due to structural reforms and increased forex inflows.
