Naira Weakens to ₦1,379 Against US Dollar in Official Market

The Nigerian naira depreciated to ₦1,379 per US dollar in the Nigerian Foreign Exchange Market (NFEM) on Tuesday, according to data released by the Central Bank of Nigeria (CBN).

The local currency also weakened in the parallel (black) market, where it traded at ₦1,405 per dollar, compared to ₦1,400 recorded on Monday.

CBN figures showed that the official exchange rate rose from ₦1,371 per dollar on Monday to ₦1,379 per dollar on Tuesday, representing an ₦8 depreciation in the value of the naira.

Despite the decline, the gap between the official and parallel market exchange rates narrowed to ₦26 per dollar, down from ₦29 the previous day.

The latest exchange rate movement comes amid continued efforts by monetary authorities to stabilize Nigeria's foreign exchange market.

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