The Naira strengthened to N1,630 per dollar in the parallel market on Wednesday, up from N1,640 per dollar the previous day.
In the official foreign exchange market, the Naira also gained ground, appreciating to N1,507 per dollar from N1,520 per dollar on Tuesday.
According to data from the Central Bank of Nigeria (CBN), the exchange rate for the Nigerian Foreign Exchange Market (NFEM) improved by N12.7, moving from N1,520 to N1,507.3 per dollar.
As a result, the gap between the parallel market and NFEM rates increased to N122.7 per dollar, compared to N120 per dollar the previous day.