The Nigerian Naira slipped further on Tuesday, August 26, closing at ₦1,550 per dollar in the parallel market, compared to ₦1,540/$ on Monday.

At the Nigerian Foreign Exchange Market (NFEM), the local currency also saw a slight dip, trading at ₦1,537/$, down from ₦1,536.99/$ the previous day, according to figures released by the Central Bank of Nigeria (CBN).

This drop has widened the gap between the official and parallel market rates to ₦13 per dollar, a sharp jump from ₦3.01 just a day earlier.

Experts say the Naira’s continued slide is being fueled by strong demand for dollars and limited supply, despite CBN’s interventions and policy reforms aimed at stabilizing the market.

Financial analysts warn that unless Nigeria sees a boost in foreign exchange inflows and improved investor confidence, the Naira could remain volatile in the weeks ahead.