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For the second time this week, the naira has slipped further against the dollar in Nigeria’s official foreign exchange market.
According to figures from the Central Bank of Nigeria, the currency closed on Tuesday at ₦1,537.09 per dollar, compared to ₦1,535.92 on Monday — a drop of ₦1.17 in just 24 hours.
Over in the parallel market, however, there was no movement. The Nigerian currency held steady at ₦1,570 per dollar on both Monday and Tuesday.
In total, the local currency has shed ₦3.53 in value over the past two trading days.
This weakening trend comes despite a boost in Nigeria’s external reserves, which rose to $40.29 billion as of August 8, up from $39.36 billion recorded at the close of July 2025.
