The Nigerian Naira experienced mixed fortunes against the US dollar on Tuesday. It appreciated in the parallel market, climbing to N1,560 per dollar from N1,565 on Monday.
However, the Naira depreciated in the Nigerian Foreign Exchange Market (NFEM). Data released by the Central Bank of Nigeria (CBN) showed that the exchange rate in the NFEM rose to N1,530.5 per dollar from N1,529.5 on Monday, indicating a N1 depreciation for the Naira in the official market.
Consequently, the difference between the parallel market rate and the NFEM rate narrowed to N29.5 per dollar, down from N35.5 per dollar the previous day.
