Business
Naira Extends Losing Streak, Depreciates Further Against US Dollar
The Naira weakened for the second straight day against the US dollar on Tuesday, maintaining a downward trajectory in the foreign exchange market.
According to data from the Central Bank of Nigeria (CBN), the local currency closed at ₦1,438.71 per dollar, slipping from ₦1,437.29 recorded on Monday. This represents a ₦1.42 loss in value within 24 hours.
At the parallel market, the Naira held steady at ₦1,465 per dollar, the same rate as the previous trading day.
The back-to-back depreciation marks the second consecutive decline since the start of the week, highlighting ongoing volatility in the FX market.
Despite the currency’s dip, Nigeria’s external reserves continued to edge upward, rising to $43.37 billion as of November 10, 2025, compared to $43.35 billion on November 7, reflecting a modest increase in the country’s reserve position.