The value of the Naira against the dollar has continued to plummet in the official market, while the local currency has attempted to stabilise in the parallel market.
The Naira depreciated to N1,532.93 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data from the Central Bank of Nigeria (CBN) indicated that the Naira lost an additional N4 compared to the N1,528.03 per dollar rate it traded at on Monday.
In contrast, the parallel market portrayed a different picture, as the Naira staged a slight recovery, appreciating to N1,580 against the dollar on Tuesday, up from N1,585 on Monday.
This means the Naira gained N5 on Tuesday compared to the N1,585 per dollar exchange rate from the previous day.
Consequently, the gap between the parallel market rate and the NFEM rate narrowed to N48 per dollar, down from N72 per dollar over the weekend.
