The Naira strengthened in the parallel market on Tuesday, appreciating to ₦1,495 per dollar from ₦1,500 recorded on Monday.
However, at the Nigerian Foreign Exchange Market (NFEM), the local currency depreciated marginally to ₦1,464.5 per dollar from ₦1,464 per dollar on Monday, according to data released by the Central Bank of Nigeria (CBN).
This represents a 50 kobo decline in the official rate. Consequently, the gap between the parallel market and NFEM rates narrowed to ₦35.5 per dollar from ₦36 per dollar the previous day.