The naira recorded a modest appreciation on Tuesday, strengthening to N1,382 per dollar in the parallel market, up from N1,387 per dollar on Monday.
In the official Nigerian Foreign Exchange Market (NFEM), the local currency also improved, closing at N1,362 per dollar compared to N1,367.5 per dollar in the previous session. This reflects a gain of N5.5 for the naira.
Data released by the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate declined accordingly, signaling increased demand support for the local currency within the official market.
Despite the gains recorded across both segments, the gap between the parallel market and the official window widened slightly to N20 per dollar, from N19.5 per dollar on Monday.
Meanwhile, activity in the interbank foreign exchange market saw a notable increase, with total turnover rising by 19.4 percent to $71.6 million, compared to $59.93 million recorded in the
Naira Strengthens to N1,382/$ in Parallel Market, Gains in Official Window
