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Nigeria’s naira dipped against the dollar at both the official and parallel foreign exchange markets on Tuesday despite beginning the week with a significant gain.
According to the Central Bank of Nigeria, the exchange rate data showed that the Nigerian currency dropped to N1,533.10 against the dollar on Tuesday, down from N1,531.95 traded on Monday.
The drop indicates that the currency weakened by N1.15 against the dollar on a day-to-day basis.
Also at the black market, the naira dropped by N5 to close at N1565 per dollar on Tuesday, down from N1560 traded the previous day.
The development comes as the naira appreciated against the dollar on Monday, coinciding with a rise in Nigeria’s external reserves, which reached $39.54 billion as of August 1, 2025, according to official data from the Central Bank of Nigeria (CBN).
