The Nigerian naira recorded mixed performance across markets on Tuesday, sliding to ₦1,585 per dollar in the parallel market, down from ₦1,570 per dollar just a day earlier.
Conversely, the naira gained ground in the official Nigerian Foreign Exchange Market (NFEM), appreciating to ₦1,527 per dollar from Monday’s ₦1,532 per dollar, according to data released by the Central Bank of Nigeria (CBN). This reflects a ₦5 improvement in the official rate.
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As a result of the diverging trends, the spread between the parallel and official market rates widened sharply, from ₦38 per dollar on Monday to ₦58 per dollar by Tuesday.
This growing gap continues to raise concerns among traders and analysts, with attention now focused on potential regulatory interventions or liquidity shifts that could influence the naira’s trajectory in the coming days.
