Naira Falls to N1,585/$ in Parallel Market as Gap Widens

• Naira depreciates by ₦15 in street trading

• Gains ₦5 in official market, settles at ₦1,527/$

• Gap between official and black market widens to ₦58

The naira weakened further in the parallel market on Tuesday, falling to ₦1,585 per US dollar, down from ₦1,570 recorded the previous day, reflecting sustained pressure on Nigeria’s foreign exchange reserves and high demand for the greenback.

In contrast, the local currency gained value in the Nigerian Foreign Exchange Market (NFEM), where it appreciated by ₦5 to close at ₦1,527 per dollar, up from ₦1,532 on Monday, according to official data published by the Central Bank of Nigeria (CBN).

The disparity between the parallel market and NFEM now stands at ₦58 per dollar, compared to ₦38 recorded on Monday further highlighting Nigeria’s persistent two-tier exchange rate dilemma, which economists argue complicates investment decisions and fuels arbitrage.

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Currency traders in Lagos and Abuja attributed the depreciation in the street market to rising summer travel demand, dwindling dollar inflows, and speculation, even as the CBN tries to maintain stability in the official window through tighter monetary interventions.

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