The Naira significantly depreciated against the dollar in Nigeria’s official foreign exchange market on Wednesday. This follows the resumption of trading after Tuesday’s public holiday, which honoured the late ex-president Muhammadu Buhari.
According to data from the Central Bank of Nigeria, the Nigerian currency weakened to N1,530.25 per dollar on Wednesday, down by N11.36 from N1,518.89 traded on Monday. In contrast, the Naira remained stable at N1,550 against the dollar in the black market, holding the same exchange rate as before the holiday.
This currency development coincides with an announcement from the National Bureau of Statistics on Wednesday, stating that Nigeria’s headline inflation dropped to 22.22% in June 2025. Earlier in the week, on Monday, the Naira had experienced a significant appreciation against the dollar.
