- Parallel market exchange rate improves to N1,650 per dollar.
- Official market sees Naira depreciation, narrowing rate disparity to N112.
The Naira showed mixed movements on Tuesday, appreciating in the parallel market while depreciating in the official foreign exchange market.
In the parallel market, the Naira gained strength, trading at N1,650 per dollar, an improvement from Monday’s rate of N1,665 per dollar. However, in the official Nigerian Foreign Exchange Market (NFEM), the Naira fell to N1,538 per dollar, marking a N3.44 depreciation from Monday’s rate of N1,534.56 per dollar.
Data from the Central Bank of Nigeria (CBN) highlighted the fluctuating trends, with the margin between the parallel market and the NFEM rate narrowing to N112 per dollar, compared to N130.44 per dollar on Monday.
The shift underscores ongoing volatility in Nigeria’s forex markets, reflecting pressures on both regulated and unregulated trading platforms. Analysts suggest the narrowing gap could indicate increased efforts to stabilize the foreign exchange market, although challenges remain in aligning the two markets.
