LAGOS — The naira appreciated marginally in the parallel market on Tuesday, trading at N1,560 per dollar, up from N1,565 per dollar recorded on Monday. However, it depreciated slightly in the Nigerian Foreign Exchange Market (NFEM), falling to N1,530.5 per dollar from N1,529.5 the previous day.
Data released by the Central Bank of Nigeria (CBN) confirmed the official window decline, indicating a ₦1 depreciation of the naira.
As a result, the gap between the official and parallel market rates narrowed to N29.5 per dollar, down from N35.5 on Monday. The shift reflects ongoing volatility in the forex market, as demand pressures persist amid efforts by the CBN to stabilise the naira.
