The naira appreciated against the United States dollar on Tuesday in both the parallel and official foreign exchange markets.
In the parallel market, the local currency strengthened to N1,390 per dollar, improving from N1,395 per dollar recorded on Monday.
Similarly, at the Nigerian Foreign Exchange Market (NFEM), the naira appreciated to N1,376 per dollar from N1,385 per dollar, according to data released by the Central Bank of Nigeria (CBN).
The N9 gain reflected a stronger performance of the local currency at the official market.
Despite the appreciation in both markets, the gap between the parallel and official exchange rates widened to N14 per dollar, up from N9 per dollar the previous day.
Meanwhile, interbank turnover at the NFEM increased by 20.5 per cent, rising to 269.9 million dollars from 223.9 million dollars recorded on Monday.
Tags: Naira, Foreign Exchange, CBN, Economy, Dollar Exchange Rate
