The naira appreciated against the United States dollar on Tuesday, strengthening in both the parallel and official foreign exchange markets.
At the parallel market, the local currency improved to ₦1,490 per dollar, up from ₦1,495 per dollar recorded on Monday.
Similarly, the naira recorded gains at the Nigerian Foreign Exchange Market (NFEM), where it appreciated to ₦1,420 per dollar.
Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate declined slightly to ₦1,420 per dollar from ₦1,420.5 per dollar on Monday, representing a 50 kobo appreciation for the naira.
As a result of the gains, the gap between the parallel market rate and the official exchange rate narrowed to ₦70 per dollar, compared to ₦74.5 per dollar recorded the previous day.
