The Nigerian Naira depreciated marginally against the US Dollar at the official foreign exchange market on Thursday, according to data from the Central Bank of Nigeria (CBN).

The local currency traded at N1,584.95 per dollar on Thursday, a slight drop from N1,584.49 recorded on Wednesday, representing a depreciation of N0.46.

Meanwhile, the parallel market, commonly known as the black market, showed stability as the Naira maintained its exchange rate at N1,625 per dollar on Thursday, unchanged from Wednesday's rate.

Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, confirmed the black market rates to reporters. "We buy at N1615 per dollar and sell at N1625 on Thursday," he stated.

The continued fluctuation of the Naira in the official market comes despite CBN Governor Olayemi Cardoso's recent assertions about maintaining a relatively stable currency.

Financial analysts continue to monitor the gap between the official and parallel market rates, which currently stands at approximately N40, as an indicator of market pressures and the effectiveness of the CBN's foreign exchange management policies.

The slight depreciation in the official market highlights ongoing challenges in Nigeria's foreign exchange ecosystem despite recent interventions by the monetary authorities to stabilize the national currency.