The naira appreciated on Wednesday, strengthening to N1,590 per dollar in the parallel market, up from N1,595 on Tuesday. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira rose to N1,549 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved from N1,550 to N1,549 per dollar, reflecting a N1 gain. As a result, the gap between the parallel market and NFEM rates narrowed to N41 per dollar, down from N45 on Tuesday.