On Tuesday, the Nigerian Naira experienced a decline in value against the U.S. Dollar within the official foreign exchange sector, effectively erasing the progress made during the previous session. According to statistics from the Central Bank of Nigeria, the currency’s value shifted to N1,364.89 per dollar, marking a decrease from the N1,360.15 rate observed on Monday. This shift represents a daily loss of N4.75 for the Naira.
Conversely, the parallel or black market saw a minor recovery for the Nigerian currency. It rose by N1 to reach N1,429 per dollar, improving upon Monday’s closing rate of N1,430. These financial fluctuations occur as Nigeria’s foreign reserves saw an increase to $52.14 billion as of August 10, 2026. This performance contrasts with the events of Monday, where the Naira gained value in the official market while maintaining a steady position in the parallel market.
