Naira declines against dollar on official foreign exchange market

Nigeria’s currency, the naira, depreciated against the dollar at the official foreign exchange market on Tuesday, 24 hours after recording gains.

According to data from the Central Bank of Nigeria, the naira dropped to N1,529.22 against the dollar on Tuesday, compared to N1,528.33 on Monday.

The development means that the naira weakened by N0.89 to the dollar on a day-to-day basis.

Meanwhile, on the black market, the naira remained flat against the dollar at N1,550 on Tuesday, the same rate as the previous day.

Recall that the naira appreciated across foreign exchange markets on Monday.

In the first half of 2025, the naira averaged N1,556 per dollar at the official market.

Naira declines against dollar on official foreign exchange market