The value of the naira fell to ₦1,620 for every US dollar in the parallel market at the close of business on Tuesday, June 3. This is a drop from ₦1,610 per dollar recorded the day before, on Monday.
However, the naira gained a little strength in the official Nigerian Foreign Exchange Market (NFEM). It was trading at ₦1,579 per dollar, a small improvement from ₦1,580 per dollar the previous day, showing a slight gain of ₦1.
Data from the Central Bank of Nigeria (CBN) shows that the naira is getting a bit stronger in the official market, even though it is losing value in the parallel or street market.
Because of this, the gap between the parallel market rate and the official exchange rate widened. It increased from ₦30 per dollar the previous day to ₦41 per dollar.
