Naira Falls Against Dollar for Second Day in a Row

Naira falls Against Dollar for Second Straight Day

For the second consecutive day this week, the Nigerian naira continued its downward trend against the U.S. dollar at the official foreign exchange window.

According to the Central Bank of Nigeria’s (CBN) official exchange rate data, the naira closed at ₦1,537.09 per dollar on Tuesday, slightly weaker than the ₦1,535.92 rate recorded on Monday. This reflects a daily depreciation of ₦1.17 against the greenback.

Despite this decline in the official market, the naira maintained stability in the parallel (black) market, where it traded at ₦1,570 per dollar on both Monday and Tuesday, showing no change in value.

In total, over the past two trading days, the local currency has shed approximately ₦3.53 against the dollar, highlighting ongoing pressure on Nigeria’s foreign exchange market.

Interestingly, the continued weakening of the naira comes at a time when Nigeria’s external reserves have shown a positive trend. As of August 8, 2025, the country’s foreign reserves stood at $40.29 billion—an increase from the $39.36 billion recorded at the end of July.