Nigeria, June 24 -- The Nigerian naira traded at about N1,600 against a dollar in the parallel market on Tuesday, as the currency remains under pressure.

The local currency lost a bit in the official Nigerian Foreign Exchange Market (NFEM) to N1,550 per dollar from N1,547 per dollar last Friday, according to the Central Bank of Nigeria (CBN) figures.

Naira performance is being driven by a mix of external and local determinants, most significantly declining Middle Eastern and local Nigerian monetary policy actions and calming the region's geopolitics. Crude oil, the foundation of foreign exchange revenues for Nigeria, recently dipped below $70 a barrel. This came on the heels of diplomatic victories, such as a ceasefire deal between Iran...