Data from the official exchange rate market showed that the naira exchanged at approximately ₦1,367.29 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Tuesday.
The development reflects continued stability in the formal foreign exchange market amid ongoing liquidity management by the monetary authorities.
In the parallel market, also known as the black market, the dollar traded at about ₦1,400 per dollar.
The gap between the official NFEM rate and the parallel market remained relatively narrow at roughly ₦33 per dollar.
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Foreign exchange analysts say the naira’s performance will continue to depend on dollar liquidity, inflows from oil exports, foreign portfolio investment, and the Central Bank of Nigeria’s interventions in the FX market.
