The Naira appreciated to N1,575 per dollar in the parallel market on Tuesday, improving from N1,585 per dollar recorded the previous day.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency weakened slightly, trading at N1,535 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira climbed to N1,535 per dollar, marking a depreciation of N2 from Monday’s rate of N1,533 per dollar.
As a result, the gap between the parallel market rate and the NFEM rate reduced to N40 per dollar, compared to N52 per dollar at the beginning of the week.