The naira strengthened against the United States dollar in the parallel market on Tuesday, appreciating to ₦1,389 per dollar from ₦1,400 recorded on Monday.
However, the local currency posted a marginal decline at the Nigerian Foreign Exchange Market (NFEM), where it traded at ₦1,356.5 per dollar.
Figures released by the Central Bank of Nigeria showed that the indicative exchange rate at the official market rose slightly from ₦1,356 per dollar on Monday to ₦1,356.5 per dollar, reflecting a depreciation of 50 kobo.
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With the improvement recorded in the parallel market, the gap between the official and black market exchange rates narrowed to ₦32.5 per dollar, compared to ₦44 per dollar recorded a day earlier.
The development comes amid continued efforts to stabilise the foreign exchange market and improve convergence between official and parallel market rates.
