The naira slid versus the US dollar at Nigeria’s official foreign-exchange window on Tuesday, underscoring a split picture between formal and parallel currency markets as the country continues to draw support from its sizable external reserves.
Naira weakens at the official FX window
Central Bank of Nigeria figures showed that the naira weakened on Tuesday to N1,357.18 per dollar at the official market. That compares with N1,356.27, the rate recorded on Monday, marking a day-to-day drop of N0.90 against the dollar.
Parallel market holds steady
In the black market, the naira was unchanged on Tuesday at N1,395 per dollar, the same level as the previous day. The contrast between the official decline and the parallel market stability points to mixed sentiment among traders.
Reserves backdrop and what happened at the start of the week
The mixed signals arrive as Nigeria’s external reserves stood at $50.81 billion as of June 15, 2026. They also follow a positive start to the week: the local currency strengthened against the dollar on Monday at the official foreign-exchange market.
