The Naira experienced a decline today, trading at N1,585 per dollar in the parallel market, down from N1,550 on Monday. In contrast, the official foreign exchange market saw the Naira appreciate to N1,525 per dollar, reflecting a notable shift in currency dynamics.

Data released by the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate for the Naira fell to N1,525 from N1,538 on Monday, marking an appreciation of N13.

Additionally, trading volumes on the Nigerian Autonomous Foreign Exchange Market surged by 129 percent, rising to $401.17 million from $175.15 million on Monday.

This increase contributed to a widening gap between the parallel market and the Nigerian Autonomous Foreign Exchange Market rate, which expanded to N60 per dollar from just N12 per dollar previously.