The naira strengthened yesterday in the parallel market, appreciating to N1,618 per dollar from N1,620 on Monday. However, it weakened in the Nigerian Foreign Exchange Market (NFEM), where it fell to N1,604 per dollar. Data from the Central Bank of Nigeria (CBN) showed the indicative exchange rate climbed to N1,604 from N1,599, reflecting a N5 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to N14 per dollar, down from N21 on Monday.