The Naira experienced mixed trading outcomes on Tuesday, depreciating in the parallel market while making modest gains in the official window, highlighting continued volatility in Nigeria’s foreign exchange landscape.
In the unofficial market, the local currency slipped to N1,585 per dollar from N1,570 recorded on Monday, marking a N15 loss within 24 hours.
However, the Nigerian Foreign Exchange Market (NFEM) saw a slight rebound, with the Naira appreciating to N1,527 per dollar on Tuesday, an improvement from the N1,532 it traded at the day before. This N5 gain reflects growing intervention efforts by the Central Bank of Nigeria (CBN) to stabilize the official market.
The divergent performance between both markets has further widened the exchange rate spread. As of Tuesday, the gap between the parallel and official rates stood at N58 per dollar, a significant jump from the N38 margin recorded the previous day.
According to data from the CBN, the Naira’s closing rate of N1,532 per dollar on Monday represented its strongest level in three months—a sign that monetary interventions may be yielding results.
In June alone, the local currency recorded a N60 gain in the parallel market and appreciated by N53 at the official window, buoyed by improved liquidity and a slowdown in speculative demand.
Financial analysts point to the CBN’s recent dollar sales—approximately $86.6 million injected into the market last week—as a key driver behind the Naira’s resilience in the official segment. The intervention is seen as part of ongoing efforts to bridge the rate disparity and restore investor confidence in Nigeria’s forex regime.