The naira recorded mixed performance across forex markets on Tuesday, appreciating slightly in the parallel market while weakening at the official window.
In the parallel market, the local currency gained N2 to trade at N1,618 per dollar, up from N1,620 on Monday. However, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to N1,604 per dollar, compared to N1,599 the previous day.
Data from the Central Bank of Nigeria (CBN) confirmed the official rate movement, reflecting a N5 drop in value.
Despite the divergence, the gap between the official and parallel market rates narrowed to N14 per dollar, down from N21 on Monday, indicating a slight convergence in the forex markets.
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