Naira strengthens in parallel market but weakens in official market

The Naira appreciated in the parallel market on Tuesday, trading at ₦1,575 per dollar, up from ₦1,585 per dollar on Monday.

However, in the Nigerian Foreign Exchange Market (NFEM), the currency weakened to ₦1,535 per dollar, compared to ₦1,533 per dollar the previous day.

Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate also recorded a ₦2 depreciation, moving from ₦1,533 per dollar to ₦1,535 per dollar.

As a result, the gap between the parallel market rate and the NFEM rate narrowed to N40 per dollar, compared to N52 per dollar on Monday.