Naira falls to ₦1,359/$ in official market, remains stable on parallel market

The Nigerian currency weakened slightly on Tuesday, depreciating to ₦1,359 per dollar in the Nigerian Foreign Exchange Market (NFEM).

According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate rose from ₦1,353.5 per dollar on Monday to ₦1,359 per dollar — reflecting a ₦5.5 depreciation for the naira in the official market.

Despite the drop in the official window, the naira remained stable at ₦1,360 per dollar in the parallel market.

As a result, the gap between the official and parallel market rates narrowed significantly to ₦1 per dollar, down from ₦6.5 per dollar recorded on Monday.