Naira gains in parallel market, trades at N1,575/$

The Naira appreciated in the parallel market on Tuesday, rising to N1,575 per dollar from the N1,585 per dollar recorded on Monday.

However, in the Nigerian Foreign Exchange Market (NFEM), the currency experienced a slight decline, trading at N1,535 per dollar.

Data from the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate for the Naira weakened to N1,535 per dollar, reflecting a N2 depreciation from Monday’s rate of N1,533 per dollar.

This development led to a reduction in the exchange rate gap between the parallel market and NFEM, narrowing to N40 per dollar from the previous N52 per dollar.