Naira Declines To ₦1,620 Per Dollar In Street Trading

The naira weakened in the parallel market on Tuesday, June 3, closing at ₦1,620 per dollar—down from ₦1,610 the previous day.

In contrast, the local currency saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), appreciating to ₦1,579 per dollar from ₦1,580 on Monday, marking a marginal ₦1 improvement.

Data from the Central Bank of Nigeria (CBN) highlighted this modest strengthening in the official window, even as the naira lost ground in the informal market.

As a result, the gap between the official and parallel exchange rates widened to ₦41 per dollar, up from ₦30 recorded the day before.