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The naira continued its downward trajectory against the dollar for a second consecutive day at the official foreign exchange market, signalling ongoing volatility despite recent interventions by the Central Bank of Nigeria (CBN).
According to the latest data from the CBN, the official exchange rate fell slightly to N1,606.64 per dollar on Tuesday, compared to N1,605.62 recorded the previous day—marking a daily depreciation of N1.02.
In the parallel market, however, the Nigerian currency held steady, trading at N1,610 per dollar—the same rate as Monday.
Over a 48-hour span, the naira has declined by N4.44 at the official window and N5 in the black market, reflecting persistent pressure on Nigeria’s foreign exchange system.
Despite a series of policy moves by the CBN aimed at stabilising the naira, the currency continues to struggle amid rising demand and limited dollar supply.
