The Nigerian Naira continued its downward trend on Tuesday, depreciating to N1,620 per United States dollar in the parallel market, down from N1,615 per US dollar recorded on Monday.
Official data from the Central Bank of Nigeria also showed a decline in the Nigerian Foreign Exchange Market, where the Naira weakened to N1,590 per dollar compared to N1,583 the previous day—marking a N7 drop in value.
The gap between the parallel market and official rates narrowed slightly to N30 per dollar, down from N32 on Monday. The continued depreciation reflects persistent forex demand pressures despite recent monetary interventions by the CBN.