The Nigerian naira appreciated to N1,575 per dollar in the parallel market on Tuesday, March 25, 2025, improving from N1,585 per dollar the previous day. This development indicates a gain of N10 for the local currency within a single day.
Conversely, in the Nigerian Foreign Exchange Market (NFEM), the naira experienced a slight depreciation. Data from the Central Bank of Nigeria (CBN) revealed that the indicative exchange rate rose to N1,535 per dollar on Tuesday, up from N1,533 per dollar on Monday, marking a N2 decline for the naira.
As a result, the gap between the parallel market and the NFEM rates narrowed to N40 per dollar, compared to N52 per dollar on Monday. This reduction suggests a movement towards a more unified exchange rate system, which has been a focus for financial authorities aiming to stabilize the currency market.
