The Naira strengthened against the dollar in the parallel market, rising to N1,565 per dollar on Tuesday, up from N1,570 per dollar on Monday. However, the Naira weakened in the Nigerian Foreign Exchange Market (NFEM), depreciating to N1,537 per dollar from N1,528 per dollar on Monday.
Data from the Central Bank of Nigeria (CBN) revealed that the indicative exchange rate for the Naira increased to N1,537 per dollar, marking a N9 depreciation from the previous day.
As a result, the gap between the parallel market and the NFEM rate narrowed to N37 per dollar, compared to N42 per dollar on Monday.
