Naira Hits Record Low Against Dollar as President Tinubu Marks Two Years in Office

Nigeria’s currency, the naira, experienced its sharpest decline against the US dollar at the official foreign exchange market on Wednesday, coinciding with President Bola Ahmed Tinubu’s second anniversary in office.

Data from the Central Bank of Nigeria revealed that the naira fell to ₦1,590.74 per dollar on Wednesday, down from ₦1,583.73 on Tuesday. This ₦7.01 drop marks the largest single-day depreciation since May 26, 2025.

In the parallel black market, the naira also weakened, dropping by ₦3 to ₦1,620 per dollar from ₦1,617 the previous day.

This depreciation trend has continued since June 2023, when the Tinubu administration introduced a flexible exchange rate regime, leading to a significant fall in the naira’s value — from an average of ₦460 per dollar to the current rates.