The naira recorded gains against the United States dollar on Tuesday, appreciating in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency strengthened to N1,390 per dollar, improving from N1,395 per dollar recorded on Monday.
The naira also posted gains in the official market, where data released by the Central Bank of Nigeria (CBN) showed the indicative exchange rate closed at N1,376 per dollar, compared with N1,385 per dollar a day earlier. The movement represents a N9 appreciation in the value of the currency.
Despite the improvements across both markets, the gap between the official and parallel exchange rates widened slightly. The spread increased to N14 per dollar, up from N9 per dollar recorded on Monday.
Trading activity in the Nigerian Foreign Exchange Market also strengthened during the session. Interbank turnover rose by 20.5 per cent to 269.9 million dollars, compared with 223.9 million dollars recorded in the previous trading session.
