The Naira continued its downward trajectory on Tuesday, sliding to N1,550 per dollar in the parallel market. This marks a depreciation from N1,540/$ recorded on Monday.
The trend was also mirrored in the Nigerian Foreign Exchange Market (NFEM), where the local currency slipped slightly to N1,537/$, compared to N1,536.99/$ at the start of the week. Data published by the Central Bank of Nigeria (CBN) confirmed the one-kobo depreciation.
As a result, the gap between the official NFEM rate and the parallel market widened significantly — from N3.01/$ on Monday to N13/$ on Tuesday.
The widening spread underscores continued pressure on the Naira across different exchange platforms, raising fresh concerns among businesses and consumers who rely heavily on foreign exchange for imports and services.
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