The Naira experienced a depreciation in the parallel market on Tuesday, trading at N1,660 per dollar, down from N1,655 per dollar recorded on Monday.
However, in the official foreign exchange market, the Naira appreciated slightly, strengthening to N1,549 per dollar, according to data from the Central Bank of Nigeria (CBN).
This represents a N1 gain from Monday’s rate of N1,550 per dollar.
READ ALSO: Iyabo Ojo Reveals How she Was Raped Five Times and Never Met Naira Marley
The development has resulted in a wider gap between the parallel market rate and the official market rate, increasing to N111 per dollar, compared to Monday’s margin of N105 per dollar.
This fluctuation highlights the ongoing challenges in Nigeria’s foreign exchange market, with the parallel market rate continuing to diverge from the official rate.
No Comments