The naira showed mixed performance on the foreign exchange market on Tuesday, appreciating slightly in the parallel market while weakening at the official window.
In the parallel market, the naira strengthened marginally to ₦1,390 per dollar, compared to ₦1,392 per dollar recorded on Monday, reflecting a small gain in informal trading segments.
However, the local currency came under pressure in the Nigerian Foreign Exchange Market (NFEM), where it depreciated to ₦1,383 per dollar from ₦1,369 per dollar the previous day, according to data from the Central Bank of Nigeria (CBN). This represents a ₦14 decline at the official market.
As a result of the divergent movements, the gap between the parallel market and official rates narrowed significantly to ₦7 per dollar, down from ₦23 per dollar recorded on Monday.
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Meanwhile, activity in the interbank foreign exchange market also improved, with turnover rising by 28.8 per cent to $98.8 million, compared to $76.7 million in the previous session.
Market analysts say the mixed trends reflect ongoing adjustments in demand and supply across both segments of the foreign exchange market, as participants continue to react to liquidity conditions and policy signals.
