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Naira Weakens to ₦1,585/$ in Parallel Market, Strengthens in Official Windows
Wednesday, July 2, 2025
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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.
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