The Nigerian Naira weakened further on Tuesday, trading at ₦1,620 per US dollar in the parallel market, marking a continued downward trend in the local currency’s value.
This development slightly narrowed the exchange rate gap between the parallel market and the official Nigerian Foreign Exchange Market (NFEM), with the margin now standing at ₦30, down from ₦32 recorded on Monday.
Currency analysts say the marginal adjustment could be due to increased dollar supply in the official market or a decline in demand at the black-market level, but concerns remain over the Naira’s long-term stability.
The Central Bank of Nigeria (CBN) is yet to issue an official response on the latest movement, but pressure is mounting for policy reforms to stabilize the exchange rate and address persistent dollar shortages in the economy.
