The Naira depreciated to N1,502 per dollar in the parallel market on Tuesday, weakening slightly from N1,500 per dollar recorded on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated to N1,501.5 per dollar.
Data from the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate for the Naira improved to N1,501.5 per dollar from N1,504 per dollar recorded on Monday, reflecting a N2.5 appreciation.
As a result, the margin between the parallel market rate and the NFEM rate narrowed to 50 kobo per dollar, compared to the N4 per dollar difference observed the previous day.
