In a significant development, the naira on Tuesday appreciated to N1,618 per dollar at the parallel market from N1,620 per dollar on Monday.
But, the Naira depreciated to N1,604 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the naira rose to N1,604 per dollar from N1,599 per dollar on Monday, indicating N5 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N14 per dollar from N21 on Monday.