Naira Depreciates in Parallel Market, Strengthens in Official Forex Market
On Tuesday, the Naira saw a slight depreciation in the parallel market, trading at N1,660 per dollar, compared to N1,655 per dollar on Monday. Meanwhile, the Naira strengthened in the official foreign exchange market, appreciating to N1,549 per dollar, up from N1,550 per dollar recorded the previous day.
According to the Central Bank of Nigeria (CBN), the Nigerian Foreign Exchange Market (NFEM) exchange rate improved by N1, moving from N1,550 to N1,549 per dollar. This shift reflects a modest gain for the Naira in the official market.
As a result of this change, the margin between the parallel market rate and the NFEM rate widened, increasing to N111 per dollar, up from N105 per dollar on Monday. This gap highlights the continued disparity between the two markets and the challenges facing Nigeria’s currency stability.
