Naira weakens further, trades at N1,620/$ in parallel market

The Nigerian Naira continued its downward trend on Tuesday, depreciating to ₦1,620 per dollar in the parallel market, down from ₦1,615 recorded on Monday.

Similarly, the naira lost ground in the Nigerian Foreign Exchange Market (NFEM), where it traded at ₦1,590 per dollar, compared to ₦1,583 the previous day—marking a ₦7 depreciation.

According to data released by the Central Bank of Nigeria (CBN), the gap between the parallel market and official market rates has slightly narrowed, with the margin reducing to ₦30 per dollar from ₦32 on Monday.

The continued pressure on the naira is attributed to persistent dollar demand, limited supply, and ongoing economic challenges.