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‎The naira on Wednesday depreciated against the United States dollar at both the official and parallel foreign exchange markets, according to market data.
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‎At the parallel market, also known as the black market, the naira fell to N1,490 per dollar, compared with N1,470 per dollar recorded on Tuesday.
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‎Similarly, the local currency weakened at the Nigerian Foreign Exchange Market (NFEM), where it traded at N1,421 per dollar, down from N1,416 per dollar on the previous trading day.
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‎Data obtained from the Central Bank of Nigeria (CBN) showed that the movement represented a N5 depreciation of the naira at the official market.
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‎As a result of the depreciation, the gap between the parallel market rate and the official exchange rate widened to N69 per dollar, from N54 per dollar recorded on Tuesday.
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‎Market analysts attribute the continued pressure on the naira to sustained demand for foreign exchange amid limited dollar supply, despite ongoing monetary policy measures by the apex bank aimed at stabilising the currency.