The Naira fell to N1,660 per dollar in the parallel market Tuesday, down from N1,655 on Monday. However, on the official foreign currency market, the Naira rose to N1,549 per dollar.
According to data issued by the Central Bank of Nigeria (CBN), the exchange rate for the Nigerian Foreign Exchange Market (NFEM) declined to N1,549 per dollar from N1,550 per dollar on Monday, suggesting that the naira appreciated by N1.
As a result, the spread between the parallel market and the NFEM rate increased to N111 per dollar from N105 per dollar on Monday.
