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The Naira continued its downward trend in the parallel market, depreciating further to N1,650 per dollar on Tuesday, a slight drop from Monday’s rate of N1,648 per dollar.
In contrast, the official foreign exchange market provided a rare moment of relief, as the Naira appreciated marginally to N1,537 per dollar, gaining N1 from the previous day’s rate of N1,538 per dollar.
Data from the Central Bank of Nigeria (CBN) highlighted the growing disparity between the parallel market and the official Nigerian Foreign Exchange Market (NFEM).
The margin widened to N113 per dollar on Tuesday, compared to N110 per dollar on Monday, underscoring ongoing challenges in exchange rate management.
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