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The naira lost some ground against the dollar at the official foreign exchange window on Tuesday, reversing its brief gain from the day before—just as Nigeria’s external reserves took another dip.
Figures from the Central Bank of Nigeria (CBN) revealed the local currency slid slightly to ₦1,545.27/$1, down from ₦1,544.63/$1 on Monday. That’s a mild decline of ₦0.64 in a single day—subtle, but telling.
On the streets, however, it was business as usual. The black market held steady at ₦1,600 to the dollar, mirroring Monday’s rate. “We buy at ₦1,585 and sell at ₦1,600,” said Abubakar Alhasan, a Bureau De Change trader operating out of Wuse Zone 4 in Abuja.
This comes right after the naira saw modest gains on Monday, following news that Nigeria’s inflation cooled in May 2025. But any optimism from that development was quickly overshadowed by the nation’s shrinking foreign reserves.
CBN data showed that reserves fell to $37.93 billion on June 13, down from $38.02 billion just two days earlier. Still, there’s a glimmer of hope: crude oil prices have been climbing. On Tuesday, Brent crude futures hit $75.63 per barrel, while West Texas Intermediate (WTI) settled at $74.03, potentially setting Nigeria up for increased oil revenue in the near term.
