Naira gains in parallel market, weakens slightly in official window

The naira showed mixed performance on Tuesday, appreciating in the parallel market but slipping in the Nigerian Foreign Exchange Market (NFEM).

At the parallel market, the local currency traded at ₦1,518 per dollar, up from ₦1,520/$1 recorded on Monday.

However, data from the Central Bank of Nigeria (CBN) revealed that the naira weakened in the NFEM, closing at ₦1,493.2 per dollar compared to ₦1,491.4/$1 the previous day — a depreciation of ₦1.8.

With this, the gap between the parallel market and the official rate narrowed to ₦24.8 per dollar, down from ₦28.6/$1 on Monday.