The naira traded at N1,620 to the US dollar in the parallel market on Tuesday, marking a drop from Monday’s rate of N1,610 per dollar.
However, the currency gained slightly in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,579 per dollar compared to N1,580 recorded the previous day, according to figures released by the Central Bank of Nigeria (CBN).
This reflects a modest improvement of N1 in the official exchange rate.
As a result of these movements, the gap between the official market and the parallel market widened to N41 per dollar, up from N30 recorded the previous day.