The naira recorded a modest improvement against the United States dollar on Tuesday, strengthening in both the parallel and official foreign exchange markets.
At the parallel market, the local currency appreciated to ₦1,470 per dollar, improving from ₦1,475 recorded on Monday. A similar trend was observed at the Nigerian Foreign Exchange Market (NFEM), where the naira closed at ₦1,416 per dollar.
Data released by the Central Bank of Nigeria (CBN) showed that the official exchange rate moved from ₦1,428 per dollar on Monday to ₦1,416 on Tuesday, reflecting a ₦12 appreciation for the naira.
However, despite the gains, the gap between the parallel market rate and the official rate widened. The margin increased to ₦54 per dollar, compared to ₦47 recorded the previous day.
The mixed outcome highlights the continued volatility in Nigeria’s foreign exchange market, even as the naira shows signs of short-term stability across trading windows.
