The naira saw a slight gain on Tuesday, strengthening to N1,618 per dollar in the parallel market, compared to N1,620 per dollar the previous day.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency experienced a dip, trading at N1,604 per dollar—down from N1,599 on Monday.
This, is according to data from the Central Bank of Nigeria (CBN). This represents a N5 depreciation.
As a result, the gap between the parallel market and official exchange rate narrowed to N14 per dollar, from the previous margin of N21 recorded on Monday.