The Nigerian Naira appreciated against the US dollar in both the parallel and official foreign exchange markets. On Tuesday, the Naira strengthened to N1,640 per dollar in the parallel market, improving from N1,655 per dollar recorded on Monday.
Similarly, in the official Nigerian Foreign Exchange Market (NFEM), the Naira gained value, rising to N1,526.3 per dollar from N1,533.5 per dollar on Monday. This represents a N7.2 appreciation for the local currency, according to data published by the Central Bank of Nigeria (CBN).
With this development, the gap between the exchange rate in the parallel market and the official market has reduced. On Monday, the difference stood at N121.5 per dollar, but with the latest appreciation, it has narrowed to N113.7 per dollar.
