The divergence between the official and parallel market rates has widened the gap to ₦41, up from ₦30 the previous day.
LAGOS – The naira on Tuesday fell further in the parallel market, trading at ₦1,620 per dollar, down from ₦1,610 on Monday, extending pressure on the local currency amid persistent demand for foreign exchange.
However, in contrast, the naira appreciated in the Nigerian Foreign Exchange Market (NFEM), gaining ₦1 to close at ₦1,579/$, according to data published by the Central Bank of Nigeria (CBN).
The official rate on Monday stood at ₦1,580 per dollar, marking a modest recovery. This divergence between the official and parallel market rates has widened the gap to ₦41, up from ₦30 the previous day.
Market analysts attribute the widening spread to continued dollar scarcity, speculative demand, and inconsistent supply from the official window.
Efforts by the CBN to unify the exchange rate and stabilize the currency appear to be under strain, with businesses and individuals increasingly turning to the parallel market for their forex needs.