The naira recorded further gains against the United States dollar on Tuesday, appreciating in both the parallel market and the official foreign exchange market.

In the parallel market, the local currency strengthened to N1,385 per dollar, improving from N1,395 per dollar recorded on Monday.

The naira also appreciated in the Nigerian Foreign Exchange Market, according to data released by the Central Bank of Nigeria.

The CBN data showed that the indicative exchange rate in the official market fell to N1,360.22 per dollar on Tuesday from N1,366 per dollar on Monday.

This development reflected an appreciation of N5.78 for the naira against the dollar in the official foreign exchange market.

As a result of the gains recorded in both segments of the foreign exchange market, the gap between the parallel market rate and the official market rate narrowed significantly.

The margin between the two markets declined to N24.78 per dollar on Tuesday from N29 per dollar recorded on Monday.

Meanwhile, trading activity in the interbank foreign exchange market weakened during the period.

Turnover in the market fell by 5.11 per cent to $168.82 million on Tuesday, compared to $177.92 million recorded on Monday.

The latest movement in exchange rates indicates continued strengthening of the naira in both the official and parallel markets, while foreign exchange market turnover experienced a slight decline.