he naira appreciated slightly on the parallel market Tuesday, trading at ₦1,620 per dollar, up from ₦1,625 on Monday, reflecting a marginal gain of ₦5.
However, in the official Nigerian Foreign Exchange Market (NFEM), the naira weakened, settling at ₦1,598.69 per dollar, compared to ₦1,597 the previous day. This marks a minor depreciation of ₦1.69.
According to data from FMDQ Exchange, the fluctuation in both markets has resulted in a narrowing gap between the official and parallel market rates. The spread shrank to ₦21.31, down from ₦28 recorded on Monday.
Analysts say the recent movement reflects a continued adjustment in the foreign exchange landscape, as market forces respond to policy actions and supply dynamics.
