The Naira experienced mixed fortunes in the foreign exchange markets on Tuesday.

In the parallel market, the currency showed a slight appreciation, rising to N1,462 per dollar from the N1,465 per dollar recorded on Monday.

However, the Naira simultaneously faced depreciation in the Nigerian Foreign Exchange Market.

Data officially published by the Central Bank of Nigeria confirmed that the exchange rate for the Naira in the NFEM had risen to N1,440.89 per dollar from Monday’s rate of N1,437.5 per dollar. This movement officially indicated a N3.39 depreciation for the naira in the formal market.

Consequently, the disparity, or margin, between the parallel market rate and the official NFEM rate saw a contraction, narrowing to N21.11 per dollar from the N27.5 per dollar that was observed on Monday.