The Nigerian naira recorded gains against the United States dollar on Tuesday, appreciating in both the official and parallel foreign exchange markets.
In the parallel market, the naira improved to ₦1,390 per dollar, up from ₦1,395 per dollar recorded on Monday.
The local currency also strengthened at the Nigerian Foreign Exchange Market (NFEM), where it closed at ₦1,376 per dollar, compared to ₦1,385 per dollar in the previous trading session.
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Figures released by the Central Bank of Nigeria showed that the official exchange rate improved by ₦9, reflecting stronger performance in the formal foreign exchange market.
Despite the appreciation in both markets, the gap between the official and parallel market exchange rates widened to ₦14 per dollar, compared to ₦9 per dollar recorded on Monday.
Trading activity also increased at the official market, with interbank turnover rising by 20.5 per cent to 269.9 million dollars, up from 223.9 million dollars recorded the previous day.
