The Nigerian currency faced a downturn in the unofficial market on Tuesday, slipping to N1,420 against the dollar compared to the N1,408 recorded on Monday. Conversely, the official Nigerian Foreign Exchange Market saw the naira gain strength, rising to N1,362 per dollar.
Official figures released by the Central Bank of Nigeria confirm this shift, noting an improvement from the previous day’s rate of N1,365, which marks a gain of N3 for the local currency. This divergence has pushed the gap between the parallel market rate and the official rate to N58, up from the N43 difference observed on Monday.
Trading activity also picked up significantly, with interbank turnover at the NFEM increasing by 13.97 percent, climbing from N137.05 million to N156.2 million within the same 24-hour period.
