Naira Slips to N1,329.15/$ at Official Market as Black Market Holds at N1,390
By Aboki Forex —
The naira depreciated against the United States dollar at the official foreign exchange market on Tuesday, according to Central Bank of Nigeria data. The currency closed at N1,329.15 to the dollar, down from N1,326.30 on Monday.
That represents a daily drop of N2.85 against the dollar at the official window. At the parallel market, the naira was unchanged at N1,390 to the dollar on Tuesday, the same rate recorded the previous day.
Official market
CBN data showed the naira slipped to N1,329.15 on Tuesday from N1,326.30 on Monday. The movement put the daily depreciation at N2.85 against the US dollar.
Black market
The parallel market rate stayed flat. The naira traded at N1,390 to the dollar on Tuesday, unchanged from the previous day. That left the black market rate above the official rate.
What it means
The gap between the official and parallel market rates remains wide. For Nigerian businesses and consumers, the latest official market movement points to continued pressure on the naira, while the parallel market held steady on Tuesday.