Business
Naira Strengthens at Official Market Despite Dip in Parallel Market
The naira continued its upward trend at the official foreign exchange market on Tuesday, closing at N1,533.18 to the dollar, up from N1,534.21 recorded on Monday. This gain of N1.03 marks the second consecutive day of appreciation for the local currency in the official window.
In contrast, the naira weakened further in the parallel market, where it traded at N1,545 to the dollar on Tuesday, compared to N1,537 on Monday. This mirrors Monday’s mixed performance, when the currency posted gains officially but lost ground on the street.
Traders and analysts continue to monitor the diverging trends in the official and black markets, as volatility persists in Nigeria’s foreign exchange landscape.
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