The Naira appreciated to N1,595 per dollar in the parallel market on Tuesday, up from N1,610 per dollar on Monday.
This marks a N45 week-on-week (WoW) gain, as the Naira stood at N1,640 per dollar on Tuesday last week.
In the official Nigerian Foreign Exchange Market (NFEM), the Naira remained stable at N1,499 per dollar, reflecting a N27.3 WoW appreciation from N1,526.3 per dollar last Tuesday.
As a result, the gap between the parallel market rate and the NFEM rate narrowed to N96 per dollar, compared to N113.7 per dollar on Tuesday last week.
The Naira has been on an upward trajectory since Thursday, January 23, when it strengthened to N1,665 per dollar in the parallel market from N1,670 per dollar the previous day.
Similarly, in the official market, it rose to N1,548 per dollar on January 23, up from N1,553 per dollar on January 22.
Since then, the Naira has gained N75 in the parallel market and N54 in the official market.
Currency traders attributed the positive movement to reduced dollar demand due to the Chinese New Year holiday.