Naira Falls to ₦1,585 per Dollar in Parallel Market

The naira fell to ₦1,585 for one US dollar in the parallel (black) market. On Monday, it was selling for ₦1,570.

At the same time, the naira strengthened in the official Nigerian Foreign Exchange Market (NFEM), rising to ₦1,527 per dollar. On Monday, the official rate was ₦1,532.

This stronger official rate means the naira gained ₦5 against the dollar in the NFEM. As a result, the difference between the black-market rate and the official rate increased to ₦58 per dollar, up from ₦38 the previous day.