The Naira extended its depreciation against the United States dollar at the official foreign exchange market on Tuesday, following the removal of Finance Minister, Wale Edun, by President Bola Ahmed Tinubu.
Data released by the Central Bank of Nigeria (CBN) showed that the local currency slipped to N1,350.74 per dollar, compared to N1,349.67 recorded on Monday. This represents a day-on-day decline of N1.07 against the greenback.
However, at the parallel market, the Naira recorded a slight gain, appreciating by N5 to close at N1,425 per dollar, up from N1,430 exchanged the previous day.
Meanwhile, Nigeria’s external reserves continued on a downward trend, dropping to $48.54 billion on Monday from $48.61 billion recorded on April 17, 2026.
The latest development comes after the Naira began the week on a negative note, weakening across foreign exchange markets on Monday.
