The naira continued its downward trend in the parallel market, depreciating further to 1,650 naira per dollar on Tuesday, a slight drop from Monday's exchange rate of 1,648 naira per dollar.
Instead, the official foreign exchange market provided a rare moment of relief as the naira appreciated marginally to 1,537 naira per dollar, gaining 1 naira from the previous day's exchange rate of 1,538 naira per dollar.
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Data from the Central Bank of Nigeria (CBN) highlighted the growing disparity between the parallel market and the Nigerian Official Foreign Exchange Market (NFEM).
The spread widened to 113 naira per dollar on Tuesday, compared to 110 naira per dollar on Monday, underscoring the current challenges in managing the exchange rate.
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