By Our Reporter
The naira recorded mixed performances across the foreign exchange markets on Tuesday, appreciating in the parallel market while weakening slightly in the official Nigerian Foreign Exchange Market (NFEM).
At the parallel market, the local currency strengthened to N1,400 per dollar, improving from N1,407/$ recorded on Monday, reflecting a gain of N7 against the U.S. dollar.
However, in the official market, the naira depreciated marginally. Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate closed at N1,365/$, compared with N1,364/$ on Monday, representing a N1 loss.
The development narrowed the gap between the parallel and official exchange rates to N35 per dollar, down from N43 recorded the previous day.
Meanwhile, trading activity in the official market declined sharply. Interbank turnover at the Nigerian Foreign Exchange Market dropped to $102.95 million on Tuesday from $39.6 million recorded on Monday, according to market data.