The Nigerian Naira experienced a recovery on Tuesday, reaching N1,409 against the dollar in the parallel market, an improvement from the N1,416 rate observed on Monday.
Simultaneously, the currency strengthened within the Nigerian Foreign Exchange Market (NFEM). Statistics provided by the Central Bank of Nigeria reveal that the official exchange rate moved to N1,374.5 per dollar, down from N1,378.5 on the previous day. This represents a gain of N4 for the local currency.
As a result, the price gap between the unofficial and official exchange windows shrank to N34.5 per dollar, compared to the N37.5 margin recorded on Monday. Furthermore, activity in the interbank market surged, with turnover increasing by 21.2 percent to reach N322.7 million, up from N266.2 million earlier in the week.
