Naira shows mixed signals as exchange rates fluctuate across markets

Nigeria’s currency, the naira, posted a mixed performance on Tuesday, July 2, reflecting ongoing volatility in the foreign exchange landscape.

In the parallel market, the naira gained some ground, trading at ₦1,560 per US dollar, a ₦5 appreciation compared to Monday’s rate of ₦1,565. This marks a positive sign for those monitoring the street market.

However, it was a different story in the Nigerian Foreign Exchange Market (NFEM), where the naira saw a marginal drop, slipping to ₦1,530.5 per dollar from ₦1,529.5 the day before — a ₦1 depreciation according to figures released by the Central Bank of Nigeria (CBN).

Despite the opposing trends, the gap between the two markets narrowed, falling from ₦35.5 to ₦29.5 per dollar, potentially easing pressure on the currency and hinting at short-term stabilization.