The naira recorded a marginal improvement on Tuesday, exchanging at N1,618 to the dollar in the parallel market, a slight rise from Monday’s rate of N1,620.
In contrast, the Nigerian Foreign Exchange Market (NFEM) saw the local currency weaken, closing at N1,604 per dollar—down from N1,599 recorded the day before.
Data from the Central Bank of Nigeria (CBN) revealed a depreciation of N5 at the official window.
Consequently, the disparity between the parallel market and official exchange rate decreased to N14, narrowing from the N21 gap observed on Monday.