The naira weakened further on Tuesday, trading at ₦1,615 per dollar in the parallel market, down from ₦1,610 on Monday.
In the official Nigerian Foreign Exchange Market (NFEM), the naira also dropped, closing at ₦1,602 per dollar compared to ₦1,596 the previous day. This marks a ₦6 depreciation.
According to data from the Central Bank of Nigeria (CBN), the gap between the official and parallel market rates has slightly narrowed to ₦13 per dollar from ₦14 on Monday, reflecting ongoing pressures on the local currency.