The naira weakened slightly against the dollar on Tuesday at both the official and parallel foreign exchange markets amid sustained pressure on demand for foreign currency.
At the parallel market, the naira exchanged at ₦1,395 per dollar, compared to ₦1,390 per dollar recorded last Friday, reflecting a ₦5 decline in value.
Similarly, at the Nigerian Foreign Exchange Market (NFEM), the local currency depreciated to ₦1,373.5 per dollar from ₦1,372 per dollar at the close of trading last Friday.
Figures released by the Central Bank of Nigeria showed that the indicative exchange rate at the official market increased by ₦1.5, signalling a slight weakening of the naira.
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As a result, the gap between the official and parallel market exchange rates widened to ₦21.5 per dollar, up from ₦19 per dollar recorded over the weekend.
Meanwhile, activity at the interbank foreign exchange market improved significantly, with turnover rising by 57.3 per cent to $76.3 million from $48.5 million recorded in the previous trading session.
