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The naira traded at ₦1,367.29 per dollar at the official window on Tuesday, while the parallel market rate weakened to about ₦1,400 per dollar, according to market data.
The spread between both markets stood at roughly N33, reflecting continued stability following recent foreign exchange reforms.
Analysts attributed the parallel market movement to sustained demand for dollars outside the official channel.
Factors influencing the naira’s performance include oil revenue, portfolio inflows, central bank interventions, and demand from importers and manufacturers.
Nigeria’s external reserves stood at $50.96 billion as of June 17, their highest level since 2009, providing the central bank with a buffer to support the currency and meet external obligations.
