Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at around ₦1,369 to the dollar Wednesday, with the official market maintaining the narrow trading band seen in recent weeks. At the parallel market, also known as the black market, the dollar exchanged at between ₦1,400 and ₦1,408, depending on location and transaction volume.
Market trackers showed that the gap between the official and parallel market rates remained below ₦40, reflecting continued convergence between both markets compared to previous years. Based on prevailing rates, $100 would exchange for about ₦136,900 at the official NFEM rate and approximately ₦140,000 to ₦140,800 in the parallel market.
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