The naira experienced a depreciation in the parallel market on Tuesday, dropping to N1,620 per dollar from Monday’s rate of N1,610 per dollar.
However, in the Nigerian Foreign Exchange Market (NFEM), the naira appreciated, reaching N1,579 per dollar.
According to data from the Central Bank of Nigeria (CBN), the exchange rate in the NFEM improved slightly, moving from N1,580 per dollar on Monday to N1,579 per dollar, reflecting a gain of N1 for the naira.
As a result, the disparity between the parallel market and the NFEM rates expanded, increasing to N41 per dollar from the previous day’s margin of N30 per dollar.