The Naira appreciated on Tuesday in both the parallel market and the Nigerian Foreign Exchange Market (NFEM), strengthening against the U.S. dollar.
In the parallel market, the Naira rose to ₦1,555 per dollar from ₦1,560 recorded on Monday. Similarly, data from the Central Bank of Nigeria (CBN) showed the NFEM rate improved to ₦1,536.8 per dollar, up from ₦1,538.4 the previous day — a ₦2.2 gain.
As a result, the gap between the parallel market and NFEM rates narrowed to ₦18.2 per dollar from ₦21.6 on Monday.