In the parallel market, the Naira increased from N1,387 per dollar on Monday to N1,382 per dollar yesterday.

In a similar vein, in the Nigerian Foreign Exchange Market, or NFEM, the naira increased to N1,362 per dollar.

The indicative exchange rate for the naira decreased to N1,362 per dollar from N1,367.5 per dollar on Monday, according to data from the Central Bank of Nigeria, or CBN, indicating a N5.5 appreciation for the currency. 

As a result, the difference between the official and alternative markets increased from N19.5 to N20 per dollar on Monday. The interbank foreign exchange market's turnover rose from $59.93 million on Monday to $71.6 million, a 19.4% gain.

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