The Naira strengthened against the dollar in the parallel market on Tuesday, trading at N1,575 per dollar, an improvement from the N1,585 per dollar recorded the previous day.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency experienced a slight decline, exchanging at N1,535 per dollar.
Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the Naira stood at N1,535 per dollar, reflecting a depreciation of N2 compared to Monday’s rate of N1,533 per dollar.
This development led to a reduction in the gap between the parallel market rate and the NFEM rate, narrowing to N40 per dollar from N52 per dollar at the beginning of the week.
