Naira Slides To N1,550/$ In Parallel Market

The Naira weakened further on Tuesday, August 26, closing at N1,550 per dollar in the parallel market, compared to N1,540 per dollar on Monday.

In the Nigerian Foreign Exchange Market (NFEM), the local currency also weakened slightly to N1,537 per dollar, compared to N1,536.99 per dollar the previous day, according to data from the Central Bank of Nigeria (CBN).

This depreciation widened the gap between the official and parallel market rates to N13 per dollar, a sharp increase from N3.01 recorded on Monday.

The currency's drop reflects sustained pressure from high demand for foreign exchange amid limited dollar supply, a challenge that has persisted despite ongoing CBN interventions and recent policy reforms aimed at stabilizing the market.

Analysts warn that without a significant boost in forex inflows and improved investor confidence, the Naira could face further volatility in the coming weeks.