Naira Falls to N1,598/$ in Parallel Market as Exchange Gap Widens

The naira continued its downward slide on Tuesday, weakening to N1,598 per dollar in the parallel market, down from N1,585/$ the previous day.

In the official Nigerian Foreign Exchange Market (NFEM), the local currency also lost ground, falling to N1,547.5/$ compared to N1,543/$ on Monday, according to figures released by the Central Bank of Nigeria (CBN). This marks a N4.5 depreciation in the official rate.

As a result, the gap between the parallel market and the official rate has widened significantly, now standing at N50.5 per dollar, up from N26 earlier in the week.

The naira’s continued volatility underscores the ongoing challenges in Nigeria’s foreign exchange market, with pressure mounting on both official and unofficial exchange channels amid dollar shortages and speculative trading.