Naira Weakens to ₦1,585/$ in Parallel Market, Strengthens in Official Windows

Naira to dollar in Parallel Market

The naira weakened in the parallel market on Tuesday, sliding to ₦1,585 per dollar from ₦1,570 recorded on Monday.

In contrast, the local currency appreciated in the Nigerian Foreign Exchange Market (NFEM), strengthening to ₦1,527 per dollar from ₦1,532.

According to data released by the Central Bank of Nigeria (CBN), the official exchange rate saw a ₦5 gain, reflecting a modest recovery in the regulated window.

As a result, the gap between the parallel market rate and the official NFEM rate widened to ₦58 per dollar, compared to ₦38 the previous day.

Vanguard

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