The Naira rose to N1,650 per dollar in the parallel market Tuesday, up from N1,665 on Monday. However, the official foreign exchange market saw the naira fall to N1,538 per dollar.
The data issued by the Central Bank of Nigeria (CBN), the exchange rate for the Nigerian Foreign Exchange Market (NFEM) increased to N1538 per dollar from N1,534.56 per dollar on Monday, representing a N3.44 devaluation in the naira.
As a result, the spread between the parallel market and the NFEM rate fell to N112 per dollar from N130.44 per dollar on Monday.
