Naira gains in parallel market, slips slightly at official window

The Naira recorded mixed performance across exchange markets on Tuesday, appreciating in the parallel market while experiencing a slight decline in the Nigerian Foreign Exchange Market (NFEM).

In the parallel market, the naira strengthened to ₦1,560 per dollar, gaining ₦5 from the ₦1,565 traded on Monday.

However, in the official window, the naira depreciated marginally, falling to ₦1,530.5 per dollar from ₦1,529.5, according to data published by the Central Bank of Nigeria (CBN). This reflects a ₦1 drop in value at the official exchange rate.

As a result, the gap between the parallel market rate and the NFEM rate narrowed to ₦29.5 per dollar, down from ₦35.5 the previous day.