Naira Depreciates Against Dollar at Black Market

The Naira continued its downward trend against the dollar on Tuesday in the parallel foreign exchange market, marking its second consecutive decline in recent days.

A Bureau De Change operator in Wuse Zone 4, Abuja, confirmed that the Nigerian currency weakened further, trading at N1,580 per dollar—down from N1,570 recorded on Monday. This represents a depreciation of N10 within a day.

In the official FX market, the Naira also lost value, dropping to N1,503.07 per dollar on Tuesday from N1,499.78 the previous day—a decline of N3.29.

Monday’s trading had already seen the Naira struggling against the dollar in the black market, reflecting sustained pressure on the local currency.