Naira Gains on Official Market To N1,533.49/$, Weakens on Parallel Market To N1,660/$

The naira appreciated slightly to N1,533.49/$ on the official market but fell to N1,660/$ on the parallel market.

The naira experienced marginal appreciation on the official market on Tuesday, but continued to depreciate on the parallel market.

Precisely, on the Nigerian Foreign Exchange Market (NFEM), the naira’s average rate appreciated slightly to N1,533.49/$, marking a modest increase of 0.03 per cent from Monday’s closing rate of N1,533.97/$.

The highest official rate recorded during Tuesday’s trading was N1,560/$, while the lowest stood at N1,525/$.

Conversely, the naira depreciated by 1.8 percent on the parallel market, sliding to N1,660/$ from N1,630/$ over the weekend.