The Nigerian naira on Tuesday recorded further depreciation against the United States dollar at both the official and parallel foreign exchange markets, amid concerns over the response of the Central Bank of Nigeria (CBN).
Figures released by the apex bank showed that the naira weakened to N1,384.29 per dollar on Tuesday, compared to N1,378.0246 traded on Monday, representing a day-on-day decline of N6.26.
At the parallel market, commonly referred to as the black market, the local currency also fell by N10 to close at N1,390 per dollar, down from N1,380 exchanged the previous day.
The gap between the official and parallel market rates stood at N5.71 per dollar as of Tuesday.
The sustained depreciation marks more than a week of consistent losses for the naira, following recent moves by the central bank to mop up dollar liquidity from the foreign exchange market.
The development comes despite Nigeria’s external reserves maintaining an upward trend, rising to $49.69 billion as of February 27, 2026.
Meanwhile, President Bola Tinubu on Tuesday nominated Taiwo Oyedele, former chairman of the Presidential Fiscal Policy and Tax Reforms Committee, as Minister of State for Finance. The ministry is currently overseen by the Minister of Finance, Wale Edun.
