The Nigerian naira has appreciated in value, trading at N1,575 per dollar in the parallel market, up from N1,585 per dollar on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to N1,535 per dollar, indicating a N2 depreciation from the previous day’s rate of N1,533 per dollar.
Despite this, the margin between the parallel market and NFEM rate narrowed to N40 per dollar from N52 per dollar on Monday.
The development comes as the Central Bank of Nigeria (CBN) continues to work towards stabilizing the foreign exchange market.
