The Nigerian naira recorded further depreciation on Tuesday, weakening to ₦1,405 per dollar in the parallel market from ₦1,400/$ recorded on Monday.
The currency also lost ground at the official foreign exchange market, with the naira trading at ₦1,379 per dollar at the Nigerian Foreign Exchange Market (NFEM).
Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate at the official market increased from ₦1,371/$ on Monday to ₦1,379/$, representing an ₦8 decline in the value of the naira.
Despite the depreciation, the gap between the parallel and official markets narrowed slightly to ₦26 per dollar, compared with the ₦29 difference recorded on Monday.
Meanwhile, foreign exchange activity at the NFEM slowed during the trading session, as turnover dropped by 24.4 per cent to $41.7 million from $54.2 million recorded the previous day.
Market watchers continue to monitor dollar supply, foreign exchange liquidity and policy measures by the CBN as key factors influencing the naira’s movement.
