Naira gains slightly in parallel market, weakens at official window

The naira appreciated marginally in the parallel market on Tuesday, trading at ₦1,560 per dollar compared to ₦1,565 on Monday.

However, in the Nigerian Foreign Exchange Market (NFEM), the local currency weakened slightly, closing at ₦1,530.5 per dollar, down from ₦1,529.5 the previous day, according to data from the Central Bank of Nigeria (CBN). This reflects a depreciation of ₦1.

As a result, the gap between the parallel market and official market rates narrowed to ₦29.5 per dollar, down from ₦35.5 on Monday.