The naira showed mixed performance on Tuesday, appreciating in the parallel market while slipping slightly at the official Nigerian Foreign Exchange Market (NFEM).
In street trading, the naira gained to ₦1,462 per dollar, compared to ₦1,465 per dollar on Monday. However, at the official NFEM window, the currency weakened to ₦1,440.89 per dollar from ₦1,437.50 per dollar, according to data from the Central Bank of Nigeria (CBN) — marking a ₦3.39 depreciation.
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Naira down to N1,465/$ in parallel market
With these movements, the gap between the official and parallel market rates narrowed to about ₦21.11 per dollar, down from ₦27.50 on Monday.
Analysts say the narrower spread reflects slight improvements in market liquidity and increased efforts by the CBN to stabilise the exchange rate through tighter monitoring of FX flows.
