Naira slips against dollar at official and black markets despite earlier gains

|By Adejumo Adekunle

…Currency loses momentum after Monday’s rebound
…External reserves rise, but pressure on Naira persists

After starting the week on a positive note, the Naira reversed its gains on Tuesday, weakening against the US dollar at both the official and parallel foreign exchange markets.

According to data released by the Central Bank of Nigeria (CBN), the Naira closed at ₦1,533.10 per dollar on the official market, down from ₦1,531.95 traded on Monday. This indicates a day-to-day depreciation of ₦1.15.

Similarly, in the black market, the Naira lost ₦5 to trade at ₦1,565 per dollar on Tuesday, compared to ₦1,560 the previous day.

The drop in value came despite a boost in the country’s external reserves, which rose to $39.54 billion as of August 1, 2025, according to the CBN. The rise in reserves had contributed to the Naira’s brief appreciation on Monday.

However, Tuesday’s depreciation signals that pressure on the local currency remains amid persistent demand for foreign exchange and structural market challenges.