The Naira depreciated to N1,565 per dollar in the parallel market, down from N1,555 per dollar on Monday.
However, it appreciated in the Nigerian Foreign Exchange Market (NFEM), rising to N1,510.33 per dollar from N1,512.58.
This reflects a modest gain of N2.25 for the Naira, indicating some resilience in the official currency market.
According to FMDQ data, the margin between parallel and NFEM rates widened significantly to N54.67 from N42.42 per dollar.
This widening gap raises concerns among analysts about market stability, potentially encouraging currency speculation and arbitrage opportunities.
Traders attribute the Naira’s parallel market depreciation to higher foreign exchange demand by importers and local businesses.
Analysts warn that continuous fluctuations in Naira value could increase inflation rates, affecting imports and broader economic growth.
The Central Bank of Nigeria (CBN) remains committed to stabilizing the Naira through strategic interventions and policy reforms.
Market experts are closely monitoring upcoming monetary policy decisions, which could shape the Naira’s direction across currency markets.
