The Naira depreciated to N1,400 per dollar in the parallel market as at Tuesday morning, June 16, down from N1,390 per dollar recorded last weekend.
However, the local currency saw gains in the official window, appreciating to N1,356 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the official market fell to N1,356 per dollar from N1,365.4 per dollar last weekend, indicating a N9.4 appreciation for the naira.
Market observers noted that the gap between the official and parallel market rates has narrowed significantly compared to previous years, reflecting ongoing efforts to improve transparency and liquidity in the foreign exchange market.
The official market has continued to trade within the ₦1,360 range amid sustained foreign exchange reforms and improved dollar liquidity.
At the parallel market, the buying rate was ₦1,390/$1, with the selling rate at ₦1,400/$1.
Analysts expect the naira to continue responding to foreign exchange inflows, monetary policy measures, and market demand dynamics in the coming days.
Currency dealers said demand for the greenback remained steady across major commercial centres, while supply conditions continued to influence pricing in the informal market.
Market observers noted that the gap between the official and parallel market rates has narrowed significantly compared to previous years, reflecting ongoing efforts to improve transparency and liquidity in the foreign exchange market.
The exchange rate remains a key indicator for businesses, importers, manufacturers, and individuals involved in international transactions, as fluctuations in the value of the naira directly affect the cost of goods and services.
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