The Nigerian naira appreciated slightly on Tuesday, June 24, climbing to N1,595 per US dollar in the parallel market, up from N1,600 the previous day.
According to Vanguard, this modest rebound brings the difference between the parallel market and the official Nigerian Foreign Exchange Market (NFEM) rate to N45, down from N50 on Monday. The NFEM rate held steady at N1,550 per dollar, based on data from the Central Bank of Nigeria (CBN).
This small but notable gain reflects ongoing volatility in the foreign exchange market, which continues to respond to shifts in monetary policy and forex demand. Analysts believe the narrowing gap signals increased activity and intervention in the official market, possibly linked to oil inflows and diaspora remittances.
Despite the recent gain, traders warn that fluctuations are expected to persist amid inflation concerns, external debt pressures, and global economic uncertainty. The CBN’s efforts to stabilize the currency remain ongoing as the nation navigates economic reforms under the new administration.
The naira’s recovery trajectory remains fragile but closely watched by businesses, importers, and international investors eyeing Nigeria’s currency trends.
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