BUSINESS &ECOMONY
NAIRA FALLS TO N1,585/$ ON STREETS, STRENGTHENS TO N1,527/$ IN OFFICIAL MARKET
The Naira fell to N1,585 per dollar on the parallel market on Tuesday, slipping from N1,570 recorded on Monday.
In contrast, the local currency appreciated in the Nigerian Foreign Exchange Market (NFEM), rising to N1,527 per dollar from N1,532 on Monday—an improvement of N5.
This divergence widened the gap between the official and parallel market rates to N58 per dollar, up from N38 the previous day.
Data from the Central Bank of Nigeria (CBN) showed that the Naira closed at N1,532 per dollar on Monday in the official market, marking its strongest level in the past three months.
In June, the Naira gained N60 against the dollar in the parallel market and N53 in the official window.
The CBN’s intervention—injecting around $86.6 million into the market last week—helped ease demand pressure, supporting the Naira’s recovery across both markets.
"This represents a significant development in our ongoing coverage of current events."— Editorial Board