On Tuesday, the Nigerian naira experienced mixed performance across different forex markets. In the parallel market, the naira appreciated slightly, rising to ₦1,565 per dollar, up from ₦1,570 per dollar on Monday. However, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated, dropping to ₦1,537 per dollar from ₦1,528 per dollar the previous day, reflecting a ₦9 depreciation.
Data from the Central Bank of Nigeria (CBN) revealed the change in the indicative exchange rate for the naira, which rose to ₦1,537 per dollar from ₦1,528 per dollar on Monday, marking a modest loss. As a result, the gap between the parallel market and NFEM rate has narrowed to ₦37 per dollar, down from ₦42 on Monday.
The fluctuation highlights the ongoing volatility in Nigeria’s currency markets as the naira’s value continues to adjust in response to market forces and economic conditions.
