The naira depreciated on Tuesday, falling to N1,376 per dollar in the parallel market from N1,370 per dollar recorded on Monday, amid sustained pressure on the local currency. In the official window, the currency also weakened for the second time this week, closing at N1,390 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Figures released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate rose to N1,390 per dollar from N1,376 per dollar on Monday, representing a N14 depreciation for the naira.
The latest movement underscores persistent volatility in the foreign exchange market, with demand pressures continuing to outpace supply.
As a result of the fresh depreciation, the margin between the parallel market and the official window widened to N14 per dollar, up from N6 per dollar at the start of the week.
Market analysts say the expanding gap between both segments reflects ongoing liquidity constraints and speculative activity in the foreign exchange space.
The development comes amid broader macroeconomic challenges, including rising inflationary pressures, which have continued to weigh on purchasing power and business confidence.
Stakeholders are closely monitoring policy signals from the apex bank as efforts continue to stabilise the currency and improve market transparency.
The naira’s performance in the coming days is expected to depend largely on foreign exchange inflows and regulatory interventions aimed at boosting supply in the official market.
