Advertisement
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.