As summer activities gather momentum, the seasonal surge in dollar demand for vacations, overseas tuition, and business trips is widening the gap between the official and parallel exchange rates.
Data collated from currency dealers showed the naira, which strengthened to about N1,370/$ in February 2026, depreciated to N1,425/$ on Thursday, representing a loss of N55 or 3.86 percent. Consequently, the spread between the official and parallel market exchange rates has widened to about N46, from near-zero levels recorded four months ago.
The
