Naira losses steam against dollar as Nigeria’s reserves slide downward

The naira depreciated against the dollar at the official foreign exchange market on Tuesday, barely 24 hours after appreciation amid Nigeria’s external reserves dip.

Central Bank of Nigeria exchange data showed that the naira dropped to N1,545.27 against the dollar on Tuesday from N1,544.63 traded on Monday.

This showed that the naira weakened slightly by N0.64 on a day-to-day basis.

Meanwhile, at the black market, the naira remained flat at N1,600 per dollar on Tuesday, the same rate recorded on Monday.

“We buy at N1,585 per dollar and sell at N1,600,” Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, told DAILY POST on Tuesday.

This comes after the naira gained against the dollar on Monday upon a drop in Nigeria’s inflation rate for May 2025.

Nigeria’s external reserves dropped to $37.93 billion as of June 13, 2025, from $38.02 billion recorded on June 11, 2024, data from the apex bank showed. Meanwhile, Nigeria is expected to rake in more revenue from crude oil sales as global prices surged to $75.63 and $74.03 per barrel for Brent and West Texas Intermediate crude futures, respectively, as of Tuesday.

Naira losses steam against dollar as Nigeria’s reserves slide downward