The Naira recorded marginal gain against the US dollar at the parallel market trading at N565 per dollar.
The local currency appreciated by N5 or 0.9 percent having traded previously at N570 last week.
Some parallel market traders across forex markets in Lagos quoted the naira at N565 to a dollar on Wednesday.
The CBN has has always stated that the parallel market only handles below one percent of foreign exchange (FX) transactions and should never be a criteria for determining the naira/dollar exchange rate.
Nigeria has seen its foreign reserves fall by $53 million in the last 20 days.
To avoid a sharp decline in the value of the Naira during the yuletide, it is anticipated that the Central Bank of Nigeria (CBN) will supply more dollars .
Data on the apex bank’s website indicates that foreign reserves fell from $41.1 billion at the beginning of December to $40.6 billion as at December 20.
Also, the naira appreciated by 0.02 percent in the official market side, to start at N414.04 to a dollar on Wednesday, according to data on FMDQ OTC Securities Exchange.
Since the CBN stopped the supply of FX to Bureau De Change operators (BDCs), its has continued to channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands.
