Naira Slides Further at Official Window Despite Rising Foreign Reserves

|By Babatunji Wusu

Nigeria’s currency extended its slump on Tuesday, weakening against the United States dollar for the second straight day at the official foreign exchange market.

Fresh figures from the Central Bank of Nigeria revealed that the naira dropped to N1,454.38 per dollar, down from N1,451.86 recorded on Monday. The movement reflects a N2.52 loss in value within 24 hours.

However, the parallel market held steady, with Bureau De Change operators in Abuja’s Wuse Zone 4 quoting the naira at N1,490 per dollar, the same rate as the previous day.

The currency’s continued depreciation contrasts with the nation’s foreign reserves, which rose to $45.32 billion as of December 8, marking a steady improvement in external buffers.

This latest fluctuation follows the Central Bank’s recent approval of full operating licenses for 82 Bureau De Change operators, a move expected to stabilise liquidity and strengthen rate convergence in the coming weeks.