Naira depreciates against dollar in parallel market

On Tuesday, the Naira saw a slight depreciation in the parallel market, falling to N1,660 per dollar from N1,655 per dollar on Monday.

However, the Naira made gains in the official foreign exchange market, appreciating to N1,549 per dollar, up from N1,550 per dollar the previous day.

Data from the Central Bank of Nigeria (CBN) revealed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) had risen by N1, from N1,550 to N1,549 per dollar.

As a result, the gap between the parallel market and the NFEM widened to N111 per dollar, compared to N105 per dollar on Monday, reflecting the ongoing disparity between the two markets.