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Naira Strengthens to ₦1,462/$ on Parallel Market, Slightly Weakens at Official Window
The Naira appreciated to ₦1,462/$ on the parallel market but slipped to ₦1,440.89/$ at the official exchange window, according to CBN data. The gap between both rates narrowed to ₦21.11 per dollar.
The Naira gained marginally in the parallel market on Tuesday, appreciating to ₦1,462 per dollar from ₦1,465 per dollar recorded on Monday.
However, the local currency weakened slightly in the Nigerian Foreign Exchange Market (NFEM), where it closed at ₦1,440.89 per dollar, compared to ₦1,437.50 per dollar the previous day — representing a ₦3.39 depreciation.
According to data released by the Central Bank of Nigeria (CBN), the movement in both markets caused the exchange rate gap between the official and parallel market rates to narrow to ₦21.11 per dollar, down from ₦27.50 per dollar on Monday.
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