Lagos, April 15, 2025 — The Nigerian naira recorded a marginal gain in the parallel market on Tuesday, appreciating to ₦1,618 per dollar from ₦1,620 per dollar recorded the previous day.
However, the local currency weakened at the official Nigerian Foreign Exchange Market (NFEM), closing at ₦1,604 per dollar. This marks a ₦5 depreciation compared to Monday’s rate of ₦1,599 per dollar, according to data released by the Central Bank of Nigeria (CBN).
With the contrasting performance in both markets, the exchange rate gap between the parallel market and the NFEM narrowed to ₦14, down from ₦21 on Monday.
Analysts say the fluctuation reflects ongoing volatility in the foreign exchange market as the country grapples with liquidity constraints and continued pressure on the naira.
