The Nigerian naira experienced a decline in the parallel market on Tuesday morning, June 16, trading at N1,400 per dollar. This represents a drop from the N1,390 per dollar recorded over the previous weekend.
Official Market Gains
In contrast, the local currency saw appreciation in the official foreign exchange window. Data from the Central Bank of Nigeria (CBN) indicated that the naira strengthened to N1,356 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Exchange Rate Details
The indicative exchange rate for the official market fell to N1,356 per dollar from N1,365.4 per dollar last weekend. This change reflects a N9.4 appreciation for the naira in the official market.
The parallel market rate, often used for informal transactions, showed a widening gap with the official rate, highlighting ongoing pressure on the local currency.
