The naira closed at N1,359 per dollar in the Nigerian Foreign Exchange Market (NFEM) on Tuesday, according to data released by the Central Bank of Nigeria.

The latest figure represents a depreciation of N5.5 compared to Monday’s indicative rate of N1,353.5 per dollar.

Official Market Movement

CBN data showed that the indicative exchange rate rose to N1,359 per dollar, reflecting continued pressure in the official foreign exchange window.

Despite the decline in the official market, the naira remained stable at N1,360 per dollar in the parallel market.

Gap Between Markets Narrows

The margin between the official and parallel market rates narrowed significantly to N1 per dollar, down from N6.5 recorded on Monday.

The reduced spread suggests closer alignment between the official window and the parallel market, a development analysts often interpret as a sign of improved liquidity or reduced speculative pressure.

Market participants continue to monitor movements in the forex market amid ongoing policy adjustments aimed at stabilising the naira and improving supply in the foreign exchange system.

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