The Nigerian naira recorded a slight decline against the United States dollar on Tuesday, losing value in both the official and parallel foreign exchange markets.
At the parallel market, the naira traded at ₦1,395 per dollar, compared to ₦1,386 per dollar recorded last Friday.
The local currency also weakened at the Nigerian Foreign Exchange Market (NFEM), where the official exchange rate closed at ₦1,385 per dollar, down from ₦1,384 per dollar at the previous trading session.
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As a result, the gap between the official and parallel market rates widened to ₦9 per dollar, up from ₦2 per dollar recorded last Friday.
Meanwhile, trading activity at the official market increased significantly, with interbank turnover rising by 80.3 per cent to $223.9 million, compared to $124.2 million at the close of the previous trading session.
