The naira weakened against the US dollar in the parallel market on Tuesday, June 16, trading at N1,400/$ compared to N1,390/$ recorded over the weekend.
In contrast, the local currency posted gains in the official market, appreciating to N1,356/$ at the Nigerian Foreign Exchange Market (NFEM).
Figures released by the Central Bank of Nigeria (CBN) showed that the official indicative exchange rate improved from N1,365.4/$ at the close of last week to N1,356/$, reflecting a N9.4 appreciation for the naira.
The development highlights the continued divergence between the parallel and official foreign exchange markets, with the naira strengthening in the latter despite losing ground on the black market.
