The Nigerian naira has continued its depreciation against the US dollar, marking the second consecutive day of losses at the official foreign exchange market.
According to data released by the Central Bank of Nigeria, the local currency closed at N1,537.09 to the dollar on Tuesday, a further drop from the N1,535.92 recorded on Monday. This decline represents a weakening of N1.17 in a single day. Over the first two days of the week, the naira has collectively lost N3.53 against the dollar.
While the official market saw a decline, the naira’s value on the black market remained stable at N1,570 per dollar, holding the same rate as the previous day.
This ongoing depreciation comes even as Nigeria’s external reserves have seen an increase. The reserves were reported at $40.29 billion as of August 8, 2025, a rise from $39.36 billion at the end of July.
