The disparity between Nigeria’s official and parallel-market exchange rates is growing, despite efforts by the central bank. As of Tuesday, the naira closed at 743 per USD on the official platform, about 11% stronger than the 834 per USD rate on the parallel market. Mid-June saw Nigeria relax FX controls, briefly aligning the official and black-market rates. However, these reforms have not eliminated USD demand, causing businesses to resort to unofficial sources. Even though the central bank initially planned to allow the naira to float freely, it has been intervening in the market due to fears of a weaker exchange rate fueling inflation.