Naira down to N1,405/$ in parallel market

Nigeria's currency, the Naira, experienced a further depreciation against the U.S. dollar on Tuesday. In the parallel market, the Naira weakened to N1,405 per dollar, down from N1,400 per dollar on Monday. This marks a continued decline for the currency in the unofficial trading segment.

Similarly, the Naira weakened in the official Nigerian Foreign Exchange Market (NFEM). Data from the Central Bank of Nigeria indicated that the indicative exchange rate rose to N1,379 per dollar, an increase from Monday's rate of N1,371 per dollar. This represents an N8 depreciation for the Naira in the official market.

Despite the overall depreciation, the margin between the parallel and official market exchange rates narrowed. On Tuesday, the difference stood at N26 per dollar, a slight decrease from the N29 per dollar gap observed on Monday. Meanwhile, trading activity in the NFEM saw a decline, with interbank turnover falling by 24.4 percent to N41.7 million from N54.2 million on the previous day.