The naira recorded a mixed performance on Tuesday as it appreciated in the parallel market but weakened slightly at the official window.
In the parallel market, the local currency strengthened to ₦1,385 per dollar, up from ₦1,395 recorded on Monday, reflecting improved trading conditions in the unofficial market.
However, at the Nigerian Foreign Exchange Market (NFEM), the naira slipped marginally to ₦1,373.65 per dollar from ₦1,373.50 in the previous session, according to data from the Central Bank of Nigeria. This represents a slight depreciation of about 15 kobo.
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As a result of these movements, the gap between the parallel market and the official exchange rate narrowed significantly to ₦11.35 per dollar, compared to ₦21.5 per dollar recorded on Monday.
In the interbank foreign exchange market, turnover also declined by 5 per cent, falling to $72.4 million from $76.3 million in the previous trading session.
Market analysts say the latest trends reflect ongoing adjustments in demand and supply dynamics across the foreign exchange market, even as authorities continue efforts to stabilise the naira.
