The Naira saw a slight decline in the parallel market yesterday, trading at N1,502 per dollar compared to N1,500 per dollar on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency appreciated to N1,501.5 per dollar.
Data from the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate for the naira improved from N1,504 per dollar the previous day to N1,501.5 per dollar, marking a gain of N2.5.
As a result, the difference between the parallel market rate and the NFEM rate narrowed to just 50 kobo per dollar, down from N4 per dollar on Monday.
