The Naira’s value saw a decline in the parallel market on Tuesday, slipping to N1,660 per dollar, compared to its earlier rate of N1,655 per dollar recorded on Monday. This marks another challenging day for Nigeria’s local currency amidst continued fluctuations in the exchange rate.
In contrast, there was a slight improvement in the official foreign exchange market, where the Naira strengthened to N1,549 per dollar. This improvement represents a marginal gain of N1 from Monday’s official rate of N1,550 per dollar, as reported by the Central Bank of Nigeria (CBN).
The CBN’s data further revealed a widening gap between the rates in the parallel market and the official market. As of Tuesday, the disparity reached N111 per dollar, up from N105 per dollar recorded on Monday. This growing difference highlights the volatility in Nigeria’s foreign exchange markets and the challenges faced by the country’s currency management system.
