The Nigerian naira continued to slide against the US dollar on Tuesday in the official foreign exchange market, extending the currency’s recent weakening as foreign reserves eased for the first time in several weeks.
Key takeaways
- The naira weakened to 1,365.53 per US dollar in Nigeria’s official FX market on Tuesday.
- This compares with 1,362.21 per dollar on Monday, implying a day-on-day fall of 3.32 naira.
- In the parallel market, the rate was steady at 1,410 per dollar on Tuesday, unchanged from Monday.
- Foreign reserves declined to 51.96 billion US dollars as of July 27, 2026, from 52.02 billion on July 24.
- The latest move follows a depreciation that began on Monday at the official market.
Naira slips further at official rate, while parallel market stays flat
On Tuesday, the Nigerian naira extended its depreciation against the US dollar at the official exchange market. Central Bank of Nigeria data showed the currency weakened further to 1,365.53 naira per dollar, following Monday’s 1,362.21 naira per dollar.
That change represents a decline of 3.32 naira on a day-to-day basis, underscoring continued pressure on the currency in the official segment of the FX market.
By contrast, the black market rate did not move. The naira was quoted at 1,410 per dollar on Tuesday, matching the level recorded on Monday.
Reserves dip after weeks of improvement
The shift comes amid a modest deterioration in Nigeria’s external buffers. Foreign reserves fell for the first time in weeks to 51.96 billion US dollars on July 27, 2026, down from 52.02 billion US dollars reported on July 24, according to figures from the central bank.
Earlier, the naira had already started the week on a weaker footing, depreciating against the dollar at the official exchange market on Monday, before extending the trend on Tuesday.
