The naira experienced a slight appreciation in the parallel market on Tuesday, strengthening to ₦1,618 per dollar, a modest improvement from ₦1,620 recorded on Monday.
However, this positive movement was not mirrored in the Nigerian Foreign Exchange Market (NFEM), where the naira weakened.
According to the latest data released by the Central Bank of Nigeria (CBN), the official exchange rate dropped to ₦1,604 per dollar, down from ₦1,599 the previous day—marking a ₦5 depreciation.
As a result, the gap between the official and parallel market exchange rates has now narrowed to ₦14, compared to ₦21 recorded at the start of the week.
This shift reflects ongoing fluctuations in Nigeria’s foreign exchange landscape, influenced by market demand, policy decisions, and global economic pressures.
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