The Naira weakened further in the parallel market on Wednesday, dropping to ₦1,540 per dollar from Tuesday’s rate of ₦1,525.

However, the local currency showed some strength at the Nigerian Foreign Exchange Market (NFEM), where it appreciated to ₦1,502.5 per dollar. This represents a gain of ₦6.5 compared to Tuesday’s rate of ₦1,506.5, according to data released by the Central Bank of Nigeria (CBN).

The latest movement widened the gap between the parallel market and official rates, with the margin expanding to ₦37.5 per dollar — up from ₦18.5 recorded on Tuesday.

Analysts say the widening gap highlights ongoing pressure in the FX market, as demand for dollars in the informal sector continues to outpace supply despite reforms at the official window.

The naira’s performance remains a key issue for businesses, importers, and ordinary Nigerians, who continue to feel the impact of exchange rate volatility on prices of goods and services.