In contrast, the Naira saw an increase in the Nigerian Foreign Exchange Market (NFEM), where it rose to N1,501.5 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira decreased to N1,501.5 per dollar from N1,504 per dollar on Monday, reflecting a N2.5 appreciation for the currency.
As a result, the gap between the parallel market rate and the NFEM rate reduced to 50 kobo per dollar, a significant decrease from the N4 per dollar margin observed the previous day.