The naira yesterday appreciated slightly in the parallel market, moving up to N1,618 per US dollar, compared to N1,620 recorded on Monday. However, at the official Nigerian Foreign Exchange Market (NFEM), the currency experienced a drop in value, settling at N1,604 per dollar.
According to figures released by the Central Bank of Nigeria (CBN), the official exchange rate on Tuesday showed that the naira weakened by N5 compared to the rate of N1,599 per dollar seen on Monday. This slight depreciation at the NFEM means that the difference between the parallel market and the official market has reduced.
On Monday, the gap between the two rates stood at N21 per dollar. As of Tuesday, this margin narrowed to N14 per dollar. This change may suggest a closer alignment between the official and unofficial markets, though experts continue to caution that the difference remains significant and signals ongoing pressure on the local currency.
