The Nigerian naira has recorded significant depreciation against the US dollar across both official and parallel foreign exchange markets this week, according to data from the Central Bank of Nigeria.

At the official foreign exchange market, the naira weakened to N1,583.73 against the dollar on Tuesday, compared to N1,579.40 traded on Monday, representing a depreciation of N4.33 on a day-to-day basis.

Similarly, in the parallel market (commonly known as the black market), the naira dropped by N2 to trade at N1,617 per dollar on Tuesday from N1,615 exchanged on Monday.

This marks the first time this week that the naira is losing value against the dollar after recording some appreciation on Monday. The current depreciation comes amid ongoing concerns about Nigeria's foreign exchange liquidity and broader economic challenges.

Financial analysts have noted that the naira's performance continues to fluctuate in response to market demand pressures and broader macroeconomic factors affecting Nigeria's economy.

The Central Bank of Nigeria has been implementing various measures to stabilize the foreign exchange market, but challenges persist as the country continues to navigate economic reforms and external pressures.

Market observers will be watching closely to see if this depreciation represents a temporary setback or the beginning of a new trend in the naira's exchange rate dynamics.