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The naira depreciated to ₦1,620 per dollar in the parallel market as at clos of work on Tuesday, June 3, down from ₦1,610 per dollar on Monday.
However, in the Nigerian Foreign Exchange Market (NFEM), the naira appreciated slightly, trading at ₦1,579 per dollar compared to ₦1,580 per dollar the previous day — a marginal gain of ₦1.
According to data published by the Central Bank of Nigeria (CBN), this movement reflects a modest strengthening of the naira within the official window, even as the local currency weakened on the streets.
As a result, the gap between the parallel market and the NFEM rate widened to ₦41 per dollar, up from ₦30 per dollar recorded the previous day.
