Nigeria’s currency continued to face downward pressure as the Naira weakened to ₦1,475 per US dollar on the parallel market, slipping further from ₦1,463/$ recorded over the weekend. The depreciation reflects ongoing volatility in the unofficial forex market, where demand for foreign currency continues to outpace available supply.
In contrast, the Naira maintained relative stability in the official window. According to updated figures released by the Central Bank of Nigeria (CBN) through the Nigerian Foreign Exchange Market (NFEM), the official rate held firm at ₦1,454 per dollar.
This divergence caused the gap between the official and parallel market rates to widen significantly expanding from ₦9 per dollar last Friday to ₦21 per dollar as of yesterday. Analysts say this growing spread may heighten arbitrage opportunities and put additional pressure on efforts to stabilise the forex market.
Market observers suggest that persistent demand for dollars among businesses, importers and individuals coupled with limited liquidity at the official window continues to drive traffic toward the black market, resulting in more rapid depreciation there.
As stakeholders await further policy interventions from the CBN to strengthen supply, restore confidence and narrow the widening gap, the Naira’s performance remains a key economic concern for investors, businesses and households alike.
