Naira Strengthens At Official Market, Weakens On Parallel Window

The naira continued its modest recovery in the official foreign exchange market on Tuesday, July 29, closing at ₦1,533.18 per U.S. dollar. An improvement from ₦1,534.21 the previous day. This marks a ₦1.03 day-on-day gain and extends the local currency’s appreciation streak to two consecutive sessions in the official window.

However, the story was different in the parallel market, where the naira lost ground, weakening to ₦1,545 per dollar, down from ₦1,537 on Monday. This divergence highlights ongoing volatility across Nigeria’s multiple exchange rate channels.