Nigerian currency, the naira depreciated to ₦1,620 per dollar in the parallel market as at clos of work on Tuesday, June 3, down from ₦1,610 per dollar on Monday.
But, in the Nigerian Foreign Exchange Market (NFEM), the naira appreciated slightly, trading at ₦1,579 per dollar compared to ₦1,580 per dollar the previous day — a marginal gain of ₦1.
According to data published by the Central Bank of Nigeria (CBN), this movement reflects a modest strengthening of the naira within the official window, even as the local currency weakened on the streets.
Consequently, the gap between the parallel market and the NFEM rate widened to ₦41 per dollar, up from ₦30 per dollar recorded the previous day.