In the parallel market, the naira depreciated to N1,465 per dollar, down from N1,456 per dollar recorded last week Friday. Conversely, data from the Central Bank of Nigeria (CBN) showed the naira appreciated marginally in the official forex market, trading at N1,437.5 per dollar, up from N1,438.5 per dollar over the same period—a modest gain of N1.
The divergent trends widened the gap between the parallel market and official exchange rates to N27.5 per dollar, compared with N17.5 per dollar last Friday, highlighting ongoing pressure on the currency outside the regulated market.
Analysts note that such discrepancies between the official and parallel market rates reflect persistent demand-supply imbalances in the forex market, underscoring the challenges in achieving a unified exchange rate.