The naira yesterday depreciated against the US dollar in the parallel market, sliding to N1,620 per dollar from the previous rate of N1,610 traded on Monday.
This development signals a weakening of the currency in the unofficial market, where many individuals and businesses often turn to due to difficulty accessing foreign exchange through official channels.
Meanwhile, the official market told a different story. Figures released by the Central Bank of Nigeria (CBN) showed a slight gain in the naira’s value.
According to the data, the official exchange rate improved slightly to N1,579 per dollar on Tuesday, compared to N1,580 on Monday. That means the naira gained one naira in the official Nigerian Foreign Exchange Market (NFEM).
This movement has widened the exchange gap between the two markets. The difference between the official and parallel market rates now stands at N41 per dollar, a noticeable increase from the N30 difference recorded just the day before.
