NAIRA GAINS STRENGTH, TRADES AT ₦1,525/$ IN PARALLEL MARKET

The Naira recorded a slight gain on Tuesday, appreciating in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).

In the parallel market, the local currency rose to ₦1,525 per dollar, improving from ₦1,530/$ recorded on Monday.

Similarly, data published by the Central Bank of Nigeria (CBN) showed that the Naira appreciated to ₦1,506.5 per dollar in the NFEM, compared to ₦1,513/$ the previous day. This marks a gain of ₦6.5 for the currency.

However, the gap between the official NFEM rate and the parallel market widened slightly, moving from ₦17 to ₦18.5 per dollar.

Analysts note that while the improvement is modest, it signals market resilience amid ongoing pressures on the Nigerian economy.