The Naira depreciated to ₦1,502 per dollar in the parallel market on Tuesday, weakening slightly from ₦1,500/$ recorded on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency appreciated to ₦1,501.5/$, strengthening from ₦1,504/$ the previous day.
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell on Monday, indicating N2.5 appreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to 50 kobo per dollar from N4 per dollar the previous day.