The naira weakened further in the parallel market on Tuesday, closing at N1,620 per dollar, down from N1,610 per dollar recorded on Monday. This represents a N10 depreciation in a single day.
However, in contrast, the naira showed slight strength in the Nigerian Foreign Exchange Market (NFEM), where it appreciated to N1,579 per dollar from N1,580 per dollar the previous day, according to data published by the Central Bank of Nigeria (CBN).
This marginal gain in the official window—just N1—was not enough to keep the gap between the official and parallel market stable. As a result, the spread between the two markets widened to N41 per dollar, compared to N30 per dollar on Monday.
Currency analysts say the persistent divergence between both markets continues to reflect underlying pressure on the naira, especially in the informal market, driven by speculative demand and limited dollar supply.
