Naira Falls to N1,420/$ in Parallel Market, Gains Slightly in Official Window

The Nigerian naira weakened in the parallel (black) market on Tuesday, falling to N1,420 per US dollar, compared to N1,408/$ recorded a day earlier.

Despite the decline in the parallel market, the currency posted a slight improvement in the official Nigerian Foreign Exchange Market (NFEM), where it appreciated to N1,362/$ from N1,365/$, according to figures released by the Central Bank of Nigeria (CBN).

The difference between the official and parallel market exchange rates widened to N58 per dollar, up from N43 on Monday, reflecting the continued gap between both markets.

Meanwhile, trading activity in the official foreign exchange market increased, with interbank turnover rising by 13.97 percent to $156.2 million, compared to $137.05 million recorded the previous day.

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