The Nigerian naira recorded a slight appreciation against the United States dollar on Tuesday, strengthening in both the parallel market and the official Nigerian Foreign Exchange Market (NFEM) amid rising inflation concerns.
In the parallel market, the naira improved to N1,382 per dollar, compared to N1,387 per dollar traded on Monday.
The local currency also posted gains in the official market, appreciating to N1,362 per dollar.
Figures released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate rose by N5.5, moving from N1,367.5 per dollar on Monday to N1,362 per dollar.
Following the development, the exchange rate gap between the parallel market and the official market widened slightly to N20 per dollar, up from N19.5 recorded a day earlier.
Meanwhile, activity in the interbank foreign exchange market also increased, with turnover rising by 19.4 percent to $71.6 million from the $59.93 million recorded on Monday.