The Nigerian currency strengthened on Tuesday, appreciating to N1,382 per dollar in the parallel market from N1,387 recorded on Monday.

In the official window, the naira also gained, closing at N1,362 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data from the Central Bank of Nigeria showed that the indicative exchange rate improved from N1,367.5 per dollar on Monday to N1,362, representing a N5.5 appreciation.

Despite the gains, the gap between the parallel market and the official window widened slightly to N20 per dollar, up from N19.5 recorded the previous day.

Meanwhile, activity in the interbank foreign exchange market increased, with turnover rising by 19.4 per cent to $71.6 million from $59.93 million on Monday.

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