The naira appreciated slightly in the parallel market on Tuesday, trading at N1,560 per dollar, an improvement from N1,565 per dollar on Monday.
However, the local currency weakened marginally in the Nigerian Foreign Exchange Market (NFEM), where it depreciated to N1,530.5 per dollar, compared to N1,529.5 per dollar the previous day—representing a N1 loss.
Data from the Central Bank of Nigeria (CBN) confirmed the shift in the official exchange rate.
As a result, the gap between the parallel market and the official market narrowed to N29.5 per dollar, down from N35.5 per dollar on Monday, reflecting a slight convergence in exchange rates.