Naira Slips at Black Market, Inches Up Officially in Mixed FX Trend

The Naira recorded a mixed performance on Tuesday, weakening at the black market while making a slight recovery in the official foreign exchange window.

Data from Bureau De Change operators in Abuja revealed that the local currency slumped to N1,515 per dollar at the parallel market, down from N1,506 on Monday—marking a N9 depreciation in just 24 hours.

However, official figures from the Central Bank of Nigeria (CBN) indicated a marginal rebound. The Naira firmed up to N1,491.67 per dollar on Tuesday, compared to N1,492.49 the previous day—reflecting a modest gain of N0.82.

This underscores the persistent volatility in Nigeria’s FX market, as the Naira continues to oscillate against the dollar. Just a day earlier, the local currency weakened across all segments of the market, kicking off the week on a bearish note.