The Naira appreciated on Tuesday to ₦1,565 per dollar in the parallel market from ₦1,570 per dollar on Monday.
However, in the NFEM, it depreciated to ₦1,537 per dollar, reflecting a ₦9 drop from the previous rate of ₦1,528 per dollar, according to data released by the Central Bank of Nigeria (CBN).
Data published by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the naira rose to ₦1,537 per dollar from ₦1,528 per dollar on Monday, indicating ₦9 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to ₦37 per dollar from ₦42 on Monday.
The Naira’s performance continues to reflect ongoing market dynamics, with fluctuations influenced by forex liquidity, regulatory policies, and economic factors shaping Nigeria’s currency landscape.
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