The naira on Tuesday depreciated to ₦1,480 per dollar at the parallel market, down from ₦1,476 per dollar recorded on Monday.
However, the local currency appreciated at the official Nigerian Foreign Exchange Market (NFEM).
Data obtained from the Central Bank of Nigeria (CBN) showed that the naira strengthened to ₦1,420.25 per dollar at the NFEM, compared with ₦1,425 per dollar on Monday, representing an appreciation of ₦4.75.
As a result of the contrasting movements, the gap between the parallel market rate and the official exchange rate widened to ₦59.75 per dollar, from ₦51 per dollar recorded on the previous trading day.
Market analysts attributed the continued disparity between the two segments of the foreign exchange market to persistent demand pressure for foreign currency and ongoing liquidity management measures by the monetary authorities.