The Nigerian naira is experiencing renewed depreciation in the parallel foreign exchange market due to increased demand for dollars driven by summer travel, overseas school fees, and business trips.The black market rate hit N1,425/$ on July 9, 2026, compared to N1,370/$ in February 2026, widening the gap with the official rate of N1,378.43/$.External reserves rose to $51.71 billion, providing the CBN with tools to stabilize the currency.Experts attribute the pressure to seasonal factors but note other elements like speculative activity and policy adjustments also play a role.The CBN relaxed cashless policies for travel allowances and increased import advance payments to manage forex demand.Key sectors like manufacturing and oil remain heavily reliant on imported goods, contributing to sustained FX utilization.