The naira strengthened against the US dollar in the parallel market on Tuesday, appreciating to ₦1,400 per dollar from ₦1,407 per dollar recorded on Monday.
However, the local currency weakened slightly at the Nigerian Foreign Exchange Market (NFEM), where the official exchange rate closed at ₦1,365 per dollar, compared to ₦1,364 per dollar the previous day.
Figures released by the Central Bank of Nigeria showed that the indicative exchange rate increased by ₦1, reflecting a marginal depreciation of the naira in the official market.
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As a result, the gap between the official and parallel market rates narrowed to ₦35 per dollar, down from ₦43 per dollar on Monday.
Meanwhile, trading activity in the official market improved significantly. Interbank turnover rose to $102.95 million, compared to $39.6 million recorded the previous day, indicating stronger market participation.
