Naira Weakens Further Against U.S. Dollar Despite Rise in External Reserves

The Nigerian naira continued its downward trend against the U.S. dollar at the official foreign exchange market for the second consecutive day this week.

According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,537.09 per dollar on Tuesday, weakening slightly from ₦1,535.92 recorded on Monday. This represents a daily depreciation of ₦1.17.

Meanwhile, the black market exchange rate remained unchanged at ₦1,570 per dollar on Tuesday — the same level as the previous day.

So far this week, the naira has lost ₦3.53 against the dollar at the official market.

The continued depreciation comes despite an uptick in Nigeria’s external reserves, which rose to $40.29 billion as of August 8, up from $39.36 billion at the end of July 2025.