The naira on Tuesday recorded marginal gains in both the parallel and official markets, appreciating to ₦1,530 per dollar in the parallel market from ₦1,540 on Monday.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the local currency appreciated to ₦1,532.5 per dollar, marking a ₦3 improvement from Monday’s rate of ₦1,535.5. The NFEM rate now trails the parallel market by ₦2.5, widening the margin from 50 kobo recorded the previous day.
Data from the Central Bank of Nigeria (CBN) confirmed the uptick in value, with analysts noting that the strengthening reflects slight improvements in forex liquidity and investor sentiment.
Market watchers say the growing gap between the official and parallel market rates may continue to fluctuate unless structural forex reforms are implemented to stabilise the exchange environment.
Meanwhile, stakeholders continue to monitor global and domestic financial developments amid concerns over inflation and capital flows.