On Tuesday, the naira depreciated to N1,585 per dollar in Nigeria’s parallel foreign exchange market, slipping from Monday’s rate of N1,570 per dollar. This decline in value reflects continuing pressures in the informal forex segment.
However, the Nigerian Foreign Exchange Market (NFEM) painted a different picture, with the naira appreciating to N1,527 per dollar from N1,532 per dollar the day before. The Central Bank of Nigeria’s latest data revealed this N5 appreciation in the official market, signaling some stability amid broader currency challenges.
The growing disparity between the parallel and official exchange rates widened to N58 per dollar, compared to N38 per dollar previously, illustrating the persistent disconnect between Nigeria’s multiple forex trading platforms.
These developments highlight the ongoing challenges faced by policymakers in stabilizing the naira across all market segments.