The naira continued its downward slide on Tuesday, depreciating to N1,555 per dollar in the parallel market, compared to N1,540 per dollar recorded on Monday. The official Nigerian Foreign Exchange Market (NFEM) also saw a slight decline, with the naira weakening to N1,536 per dollar, from N1,535 the previous day.
Data released by the Central Bank of Nigeria (CBN) confirmed the depreciation, reflecting a marginal N1 loss in the official exchange rate.
This movement has widened the gap between the official and parallel market rates, with the premium stretching to N19 per dollar, up from N5 on Monday. The growing divergence between the two markets may raise concerns over rising speculative activity and reduced confidence in the official window.
Analysts say the development underscores ongoing pressures on the naira, as demand for dollars continues to outstrip supply despite recent policy efforts by the CBN to stabilize the currency.