The naira depreciated in the parallel (black) market on Tuesday, slipping further from its last close of N1,550/$1 to trade at N1,560/$1.
A surge in demand for the U.S. dollar put the Nigerian currency under pressure. However, the naira held its ground against other major foreign currencies, appreciating slightly against the euro.
The buy price of the euro fell to N1,770/€1 from the previous close of N1,775/€1, while the sell price stood at N1,790/€1.
Against the British pound, the naira maintained stability as the buy price remained at N2,090/£1, the same as the previous close, while the sell price eased to N2,115/£1 from N2,120/£1.
In the official market, the naira lost some of its earlier gains, edging down from N1,532/$1 to N1,533/$1. Data from the Nigerian Foreign Exchange Market (NFEM) showed the currency fluctuated between N1,532/$1 and N1,534/$1 during Tuesday’s trading.
With persistent demand pressure in the foreign exchange market testing the Central Bank of Nigeria’s (CBN) policy measures, sustained intervention will be critical to restoring stability.
