Naira Weakens Slightly Against Dollar as Reserves Decline

The naira lost ground against the US dollar on Tuesday at the official foreign exchange window, following a brief gain the previous day and amid a continued decline in Nigeria’s external reserves.

According to data from the Central Bank of Nigeria (CBN), the naira traded at N1,545.27 per dollar on Tuesday, down from N1,544.63 on Monday. This represents a marginal depreciation of 64 kobo.

In the parallel market, however, the exchange rate remained unchanged. Traders reported that the dollar was bought at N1,585 and sold at N1,600, mirroring Monday’s figures. “We buy at N1,585 per dollar and sell at N1,600,” said Abubakar Alhasan, a Bureau de Change operator in Abuja’s Wuse Zone 4.

This dip comes just a day after the naira saw modest appreciation, spurred by a drop in Nigeria’s inflation rate for May 2025.

Meanwhile, Nigeria’s external reserves declined to $37.93 billion as of June 13, 2025, from $38.02 billion recorded on June 11, according to CBN data. Despite the drop in reserves, the country is expected to benefit from rising crude oil prices, with Brent crude trading at $75.63 per barrel and West Texas Intermediate at $74.03 as of Tuesday.