The development comes as the Naira appreciated against the dollar on Monday amid rise in the country’s external reserves.
The Naira has depreciated against the dollar at official and parallel foreign exchange markets on Tuesday.
This is after it had began the week in gain. Central Bank of Nigeria’s exchange rate data showed that the Naira dropped to N1,533.10 against the dollar on Tuesday down from N1,531.95 traded on Monday.
This means that the Nigerian currency, the naira, weakened by N1.15 against the dollar on a day-to-day basis.
Similarly at the black market, the Naira also fell by N5 to close at N1565 per dollar on Tueaday down from N1560 traded the previous day.
The development comes as the Naira appreciated against the dollar on Monday amid rise in the country’s external reserves which stood at $39,54 billion as of August 1, 2025 according to CBN official data.