The naira slid against the dollar at Nigeria’s official foreign exchange market on Tuesday, slipping back into bearish territory. Central Bank of Nigeria figures showed the currency weakened to 1,370.64 naira per dollar, compared with 1,369.11 per dollar recorded the day before. On a day-to-day basis, that represents a decline of 1.53 naira versus the US currency in the official market.
In the parallel (black) market, the naira held steady at 1,400 naira per dollar on Tuesday, unchanged from Monday’s level. The move in the official window comes alongside a rise in the country’s external reserves, which increased further by 51.14 billion dollars on Monday. The pattern suggests that while reserves continued to strengthen, the naira’s direction in the official market reversed from Monday to Tuesday.
