By Ayomide Otitoju
The Naira strengthened in the parallel market on Tuesday, appreciating to N1,575 per dollar, up from N1,585 per dollar recorded on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency weakened, trading at N1,535 per dollar, reflecting a slight depreciation.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira in the official market rose to N1,535 per dollar, compared to N1,533 per dollar on Monday, marking a N2 depreciation.
As a result, the exchange rate gap between the parallel market and the official window narrowed to N40 per dollar, down from N52 per dollar at the start of the week.
