The Nigerian naira depreciated against the United States dollar in the parallel market on Tuesday, trading at ₦1,400 per dollar compared to ₦1,390 recorded over the weekend.
Despite the decline in the black market, the local currency strengthened at the Nigerian Foreign Exchange Market (NFEM), according to figures released by the Central Bank of Nigeria.
Data from the apex bank showed that the indicative exchange rate at the official market improved to ₦1,356 per dollar from ₦1,365.4 per dollar recorded at the close of trading last weekend.
This represents an appreciation of ₦9.4 for the naira at the official window.
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The contrasting movements in both markets widened the gap between the official and parallel market exchange rates, highlighting the continued differences in demand and supply dynamics across the foreign exchange market.
Market analysts say the performance of the naira in the coming days will largely depend on foreign exchange inflows, monetary policy measures and overall liquidity conditions in the market.
