The Naira weakened in the parallel market yesterday, trading at N1,660 per dollar compared to N1,655 per dollar on Monday.
However, in the official foreign exchange market, the Naira strengthened, appreciating to N1,549 per dollar.
According to data from the Central Bank of Nigeria (CBN), the exchange rate in the Nigerian Foreign Exchange Market (NFEM) improved slightly, moving from N1,550 per dollar on Monday to N1,549 per dollar, reflecting a N1 gain for the Naira.
As a result, the gap between the parallel market rate and the NFEM rate widened to N111 per dollar, up from N105 per dollar on Monday.