The naira showed signs of recovery in both the official and parallel markets at the close of trading on Tuesday, SAVANNAH NEWSNOW REPORTS.
According to the Central Bank of Nigeria (CBN), the naira gained strength in the official market, reaching N1,598.9548 per dollar on the Nigerian Foreign Exchange Market (NFEM), as reported on the CBN’s official website.
This figure shows a modest appreciation of N5.5261, with the local currency trading at N1,604.4809 per dollar on Monday.
In the parallel market, also known as the black market, the naira strengthened to N1,618 per dollar, an improvement from N1,620 per dollar on Monday.
As a result, the gap between the parallel market rate and the NFEM rate decreased to N19.05 per dollar, down from N24 on Monday.
