The Naira depreciated to N1,400 per dollar in the parallel market on Tuesday morning, June 16, marking a slight decline from N1,390 per dollar recorded over the weekend.
However, the local currency recorded gains in the official foreign exchange market, appreciating against the dollar at the Nigerian Foreign Exchange Market (NFEM).
Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate in the official market improved to N1,356 per dollar, compared to N1,365.4 per dollar recorded at the weekend. This represents an appreciation of N9.4 for the Naira in the official window.
The mixed performance highlights continued volatility in the foreign exchange market, with disparities persisting between the parallel and official exchange rates.
Market watchers say the divergence between both windows reflects ongoing pressure on demand for foreign exchange and evolving liquidity conditions in the economy.
The CBN has continued its interventions aimed at stabilising the currency and narrowing the gap between the official and parallel markets.