There was a slight relief for the naira on Tuesday as it appreciated to ₦1,560 per dollar at the parallel market, improving from ₦1,565 per dollar recorded on Monday.

However, the story was different at the official Nigerian Foreign Exchange Market (NFEM), where the naira slipped to ₦1,530.5 per dollar, compared to ₦1,529.5 per dollar the previous day — marking a ₦1 depreciation.

According to fresh data from the Central Bank of Nigeria (CBN), this minor shift at the official window means the gap between the black market and the official rate has narrowed to ₦29.5, down from ₦35.5 on Monday.

Currency watchers see this tightening spread as a small positive, suggesting that the rates in both markets might be inching closer. Still, businesses and individuals remain wary, hoping for more consistent stability in the coming weeks.

The foreign exchange market in Nigeria has experienced significant volatility over the past year, driven by factors ranging from reduced dollar inflows to speculations and policy adjustments. Many analysts believe continued reforms and increased dollar supply will be crucial in helping the naira find firmer ground.