Naira Falls for Second Day at Official Market, Trades at N1,549.04 per Dollar

|By Adejumo Adekunle-

-Naira Slips Again at Official Market Despite Stable Black Market Rates
–Currency Loses N0.52 Against the Dollar in 24 Hours

Nigeria’s currency, the naira, continued its downward trend on Tuesday, recording a second consecutive depreciation against the United States dollar at the official foreign exchange market.

According to data released by the Central Bank of Nigeria (CBN), the naira fell to ₦1,549.04 per dollar, compared to ₦1,548.52 traded on Monday. This reflects a ₦0.52 loss in value within 24 hours.

Despite this dip at the official market, the black market exchange rate remained unchanged, with the naira trading at ₦1,595 per dollar, the same rate recorded on Monday.

This latest movement follows Monday’s pattern, where the naira also depreciated at the official window but gained marginally on the parallel market.

Currency analysts have attributed the recent volatility to foreign exchange supply challenges, market uncertainty, and ongoing economic adjustments following recent policy reforms by the Nigerian government.

As of now, the Central Bank has not issued a fresh statement on the continued decline, but experts warn that sustained depreciation may impact inflation and the cost of imported goods in the coming weeks.