Naira depreciates against dollar for second consecutive time

The naira continued to depreciate against the dollar at the official foreign exchange market for the second consecutive time this week.

Central Bank of Nigeria exchange rate data showed that the country’s currency, the naira, closed at N1,537.09 against the dollar on Tuesday, up from N1,535.92 traded on Monday.

This showed that the Naira further weakened by N1.17 against the dollar on a day-to-day basis.

Meanwhile, at the black market, the Naira remained flat at N1,570 per dollar on Tuesday, the same rate recorded on Monday.

the past two days this week, the Naira has lost N3.53 against the dollar.

The development comes despite Nigeria’s external reserves increasing to $40.29 as of August 8, up from $39.36 at the end of last month, 2025.