At the conclusion of trading on Tuesday, the naira demonstrated signs of recovery in both the official and parallel markets.
In the official market, the naira strengthened to N1,598.9548 per dollar on the Nigerian Foreign Exchange Market (NFEM), as reported by the Central Bank of Nigeria (CBN) on its official website.
This figure reflects a modest appreciation of N5.5261, as the local currency had traded at N1,604.4809 per dollar on Monday.
Similarly, in the parallel market, commonly referred to as the black market, the naira improved to N1,618 per dollar, up from N1,620 per dollar on Monday.
As a result, the gap between the parallel market rate and the NFEM rate decreased to N19.05 per dollar, down from N24 on Monday.
