The naira on Wednesday depreciated to N1,490 per dollar at the parallel market, down from N1,480 per dollar recorded on Tuesday.
However, the local currency appreciated slightly at the official market, trading at N1,419.50 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data obtained from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the naira improved to N1,419.50 per dollar from N1,420.25 per dollar on Tuesday, representing a 75 kobo appreciation.
As a result of the divergent movements in the two markets, the gap between the parallel market rate and the official exchange rate widened to N70.50 per dollar, compared with N59.75 per dollar recorded on Tuesday.
The development reflects continued volatility in the foreign exchange market amid ongoing efforts by monetary authorities to stabilise the naira and improve liquidity.