The naira weakened in the parallel market on Wednesday, sliding to ₦1,540 per dollar from ₦1,525 recorded the previous day. However, in the Nigerian Foreign Exchange Market (NFEM), the local currency gained strength, appreciating to ₦1,502.5 per dollar. Figures released by the Central Bank of Nigeria (CBN) showed that the exchange rate improved from ₦1,506.5 to ₦1,502.5 per dollar, reflecting a ₦6.5 appreciation. As a result, the gap between the parallel market and NFEM widened, rising to ₦37.5 per dollar from ₦18.5 on Tuesday.