The naira appreciated to N1,375 per dollar from N1,500 per dollar in the parallel market on Tuesday, May 29.

It, however, depreciated to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,329.65 per dollar from N1,173.88 per dollar on Tuesday, indicating N155.77 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N45.35 per dollar from N326.12 per dollar on Tuesday.