Naira weakens further against Dollar, suffers losses across multiple currencies

The Nigerian naira continued its downward trajectory on Tuesday, depreciating against major foreign currencies in both official and parallel markets.

According to official data released by the Central Bank of Nigeria (CBN), the naira closed at ₦1,606.64 per US dollar, compared to ₦1,605.62/$1 recorded on Monday. This marks a ₦1.02 depreciation of the local currency within a single day.

In the parallel market, also known as the black market, the naira also witnessed a notable decline. It slipped by ₦5 to exchange at ₦1,615/$1, down from ₦1,610/$1 on Monday.

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The weakening trend extended beyond the dollar. Against the British pound sterling, the naira experienced a sharp drop of ₦35, trading at ₦2,165/£1 compared to ₦2,130/£1 the previous day.

However, some stability was observed in other currency pairs. The naira maintained its value against the Canadian dollar, holding steady at ₦1,150/CA$1. Similarly, it remained unchanged against the euro, closing at ₦1,800/€1.

The latest movement in exchange rates underscores the continued volatility in Nigeria’s foreign exchange market, driven by a combination of demand pressure, limited dollar supply, and broader macroeconomic concerns.