The naira appreciated to N1,610 per dollar in the parallel market yesterday, up from N1,620 per dollar on Tuesday. However, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to N1,592 per dollar. Data from the Central Bank of Nigeria (CBN) showed the exchange rate in the NFEM increased from N1,590 to N1,592 per dollar, reflecting a N2 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to N12 per dollar from N30 per dollar on Tuesday.