The Naira on Tuesday depreciated in the parallel market, trading at N1,660 per dollar, compared to N1,655 per dollar recorded on Monday.
On the other hand, the Naira strengthened in the official foreign exchange market, appreciating to N1,549 per dollar.
According to data published by the Central Bank of Nigeria (CBN), the Nigerian Foreign Exchange Market (NFEM) exchange rate improved slightly, moving from N1,550 per dollar on Monday to N1,549 per dollar, marking a N1 gain for the Naira.
This development has resulted in a wider margin between the parallel market rate and the NFEM rate, increasing to N111 per dollar from Monday’s N105 per dollar.
