The Nigerian naira recorded gains against the United States dollar on Tuesday, appreciating in both the parallel and official foreign exchange markets.
In the parallel market, the naira strengthened to ₦1,385 per dollar, improving from ₦1,395 per dollar recorded on Monday.
The local currency also posted gains at the Nigerian Foreign Exchange Market (NFEM). Data released by the Central Bank of Nigeria showed that the indicative exchange rate appreciated to ₦1,360.22 per dollar from ₦1,366 per dollar recorded the previous day, representing a gain of ₦5.78 for the naira.
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As a result of the improvement across both markets, the gap between the official and parallel market exchange rates narrowed to ₦24.78 per dollar, compared to ₦29 per dollar on Monday.
Meanwhile, activity in the interbank foreign exchange market slowed slightly, with total turnover dropping by 5.11 per cent. Transactions fell to $168.82 million on Tuesday from $177.92 million recorded on Monday.
Market analysts say the appreciation of the naira reflects improving liquidity conditions in the foreign exchange market, although trading volumes remain closely watched as indicators of market confidence and demand for foreign currency.
