The naira continued its decline 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, the currency closed at ₦1,537.09 per dollar on Tuesday, compared to ₦1,535.92 on Monday — marking a daily loss of ₦1.17….CONTINUE FULL READING>>>>
In the parallel (black) market, the naira held steady at ₦1,570 per dollar on Tuesday, unchanged from Monday’s rate.
Reports indicate that within just two days this week, the naira has dropped by a total of ₦3.53 against the dollar.
This decline comes despite a rise in Nigeria’s external reserves, which increased to $40.29 billion as of August 8, up from $39.36 billion at the end of July 2025.…CONTINUE FULL READING>>>>