Naira weakens after brief gain, trades at N1,529.22 to the dollar

|By Adejumo Adekunle-

-Black market remains unchanged as official rate slips by N0.89
-CBN data shows naira averaged N1,556 per dollar in H1 2025

Nigeria’s naira lost strength against the US dollar on Tuesday, just a day after making marginal gains at the official foreign exchange market.

Figures published by the Central Bank of Nigeria (CBN) revealed that the naira closed at N1,529.22 per dollar, a decline from N1,528.33 recorded on Monday. This translates to a day-to-day depreciation of N0.89.

The shift comes barely 24 hours after the local currency showed signs of recovery, raising hopes for a potential turnaround. However, the Tuesday slip dashed that momentum, signaling continued volatility in Nigeria’s FX market.

In the parallel market, popularly referred to as the black market, the naira remained unchanged at N1,550 per dollar, maintaining the same rate it traded the previous day.

The first half of 2025 saw the naira average N1,556 to the dollar, indicating a persistent struggle to stabilize despite recent policy measures by the apex bank.

Analysts suggest the fluctuation reflects ongoing pressure on the foreign exchange supply as demand continues to outweigh inflow, especially from non-oil exports and foreign investments.