Naira Weakens Against Dollar After Brief Recovery

Nigeria’s Naira resumed its downward trend against the US dollar on Tuesday, reversing the modest gains recorded at the start of the week.

According to official data from the Central Bank of Nigeria (CBN), the Naira depreciated to N1,533.10 per dollar at the official foreign exchange market, weakening by N1.15 from the N1,531.95 rate posted on Monday. The trend was mirrored in the parallel market, where the Naira fell by N5 to close at N1,565 per dollar, compared to N1,560 the previous day.

This latest slip follows Monday’s brief appreciation, which was buoyed by a rise in the nation’s external reserves. As of August 1, 2025, Nigeria’s foreign reserves stood at $39.54 billion, based on CBN data. Despite the positive indicator, the Naira remains under pressure, reflecting ongoing volatility in the foreign exchange market.