The Naira continued its decline on Tuesday, August 26, closing at N1,550 per dollar in the parallel market, down from N1,540 per dollar recorded on Monday.
In the official Nigerian Foreign Exchange Market, the local currency also weakened slightly, trading at N1,537 per dollar compared to N1,536.99 per dollar the previous day, according to the Central Bank of Nigeria (CBN).
The gap between official and parallel market rates widened sharply to N13 per dollar, a significant increase from Monday’s N3.01 difference.
Analysts attribute the currency’s fall to sustained pressure from high demand for dollars amid limited supply, a challenge that continues despite recent CBN interventions and policy reforms aimed at stabilizing the market.
Experts warn that without a notable increase in foreign exchange inflows and stronger investor confidence, the Naira could face further volatility in the coming weeks.
