The naira kept sliding against the US dollar at Nigeria’s official foreign-exchange window on Tuesday, extending a pattern of daily weakening despite a recent lift in the country’s external reserves.
Key takeaways
- At the official market, the naira weakened to 1,383.08 naira per dollar on Tuesday.
- That compares with 1,379.65 naira per dollar on Monday at the official exchange window.
- The day-to-day move at the official rate was a fall of 3.34 naira per dollar.
- In the black market, the naira held steady at 1,430 naira per dollar on Tuesday, unchanged from Monday.
- Official reserves remained supported by a rise in foreign reserves to 51.85 billion dollars as of July 13, 2026.
Official naira weakness continues
Central Bank of Nigeria figures indicated that the naira traded at 1,383.08 per dollar on Tuesday, slipping from 1,379.65 per dollar the previous day. Measured on a same-day basis, the currency lost 3.34 naira for each dollar. The move reinforces expectations of continued pressure in the official segment of the foreign-exchange market, where the currency has been trending down in recent sessions.
Earlier, the currency had also declined on Monday and on Friday at the official foreign-exchange market, suggesting that the latest deterioration is part of an ongoing short-term weakening trend rather than an isolated move.
Black market rate unchanged as reserves rise
In contrast to the official window, the black market rate remained unchanged. On Tuesday, the naira was quoted at 1,430 per dollar, the same level as on Monday. This stability in the parallel market came even as foreign reserves continued to increase, reaching 51.85 billion dollars as of July 13, 2026.
The combination of higher reserves alongside continued depreciation at the official rate highlights the complexity of Nigeria’s FX dynamics, where liquidity conditions, market expectations, and pricing in different trading venues can diverge even when reserve levels improve.
