The naira appreciated against the US dollar in both the parallel and official foreign exchange markets on Tuesday.
In the parallel market, the naira strengthened to N1,387 per dollar from N1,390 recorded on Monday, representing a N3 gain.
Similarly, the local currency appreciated in the Nigerian Foreign Exchange Market, with the indicative exchange rate settling at N1,322.9 per dollar.
Data from the Central Bank of Nigeria showed that the rate moved from N1,320 per dollar on Monday, indicating a N2.9 movement in favour of the naira.
The development narrowed the exchange rate gap between the parallel and official markets to N64.1 per dollar, compared with N70 recorded on Monday.
Meanwhile, foreign exchange market activity declined significantly, with interbank turnover in the NFEM falling by 48.07 per cent to $55.6 million from $107.07 million recorded the previous day.
