The naira weakened against the US dollar in the official market on Tuesday, closing at N1502/$1, a 1.99% loss from N1499/$1 the previous day.
In the parallel market, where forex is traded unofficially, the naira also lost some ground, exchanging at N1505/$1, compared to N1495/$1 on Monday—a 0.66% drop.
However, data from the Nigerian Foreign Exchange Market (NFEM), revealed a 0.47% weekly gain, with the dollar quoted at N1491.67/$1, improving from N1498.98/$1 at the start of the week.
Tuesday’s trading saw an intraday high of N1503/$1 and a low of N1490/$1, with a spread of N13/$1 in the NFEM window.
Meanwhile, the naira struggled against other currencies, losing 1.61% against the British pound, which traded at ₦1,890/£1, down from ₦1,860/£1 on Monday. Similarly, it declined by 1.31% against the euro, closing at ₦1,540/€1, compared to ₦1,520/€1 the previous day.
