The naira strengthened slightly on Tuesday, gaining ground against the US dollar in both the official and parallel markets.
In the parallel market, the local currency appreciated to ₦1,475 per dollar, improving from ₦1,480 recorded on Monday. A similar trend was seen at the official Nigerian Foreign Exchange Market (NFEM), where the naira closed at ₦1,452 per dollar.
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Figures from the Central Bank of Nigeria showed that the official exchange rate improved from ₦1,456 on Monday, reflecting a ₦4 gain for the naira.
As a result of the movement in both markets, the gap between the parallel market rate and the official rate narrowed slightly to ₦23 per dollar, down from ₦24 the previous day.
