The Naira depreciated against the dollar at the official foreign exchange market on Tuesday ahead of the Eid-ul-Adha holidays.
The Central Bank of Nigeria’s data showed that the Naira weakened to N1,375.41 per dollar on Tuesday, down from N1,374.92 traded on Monday.
This means that the Naira dropped by N0.48 against the dollar on a day-to-day basis.
Meanwhile at the black market, the Naira remained flat at N1,395 per dollar on Tuesday, the same rate recorded on Monday.
The Nigerian currency appreciated across official and black markets on Monday to begin on a good note.
The development comes as the country’s external reserves rose to $49.26 billion as of May 25th, 2026.
