The naira weakened to N1,362 per US dollar in the parallel market on Tuesday, yet it strengthened to N1,331.5 per dollar in the [Nigerian Foreign Exchange Market](https://www.cbn.gov.ng) (NFEM). According to data released by the [Central Bank of Nigeria](https://www.cbn.gov.ng), the indicative official rate slipped to N1,331.5/$ from N1,332.9/$ on Monday, marking a modest N1.4 appreciation.
This shift caused the spread between the parallel and official rates to expand to N30.5 per dollar, up from N24.1 per dollar the previous day. Meanwhile, interbank turnover in the NFEM jumped dramatically, rising 334.8% to $313.6 million from $72.12 million on Monday.
The widening differential highlights ongoing volatility in the foreign exchange market, with the official market showing slight gains while the parallel market continues to depreciate the naira.