The Naira fell to N1,650 per dollar in the parallel market on Tuesday, down from N1,648 on Monday. On the official foreign exchange market, the Naira rose to N1,537 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 N1537 per dollar from N1,538 per dollar the previous day, suggesting that the naira appreciated by N1.
As a result, the spread between the parallel market and the NFEM rate increased to N113 per dollar from N110 per dollar on Monday.
