The naira slipped to ₦1,475 per dollar in the parallel market yesterday, weakening from ₦1,467 recorded on Tuesday.
However, in the official Nigerian Foreign Exchange Market (NFEM), the currency strengthened. The naira appreciated to ₦1,451 per dollar, an improvement from ₦1,458 the previous day — a gain of ₦7.
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Naira appreciates to N1,467/$ in parallel market
According to data released by the Central Bank of Nigeria (CBN), this divergence caused the gap between the official and parallel market rates to widen sharply, moving from ₦9 on Tuesday to ₦26 per dollar yesterday.
