Victor EzejaThe Nigerian naira has depreciated again at the official market within the week.
The Central Bank of Nigeria (CBN) data on foreign exchange showed that the naira dropped to N1,549.04 on Tuesday, 24 June, from N1,548.52 traded on Monday.
Join our WhatsApp ChannelThis shows that the naira declined slightly by N0.52 against the dollar on a day-to-day basis.
The naira began the week on a negative note, having recorded N1.16 decline from N1,547.36 it traded on Friday, 20 June.
The CBN data showed that the local currency traded between a high of N1,550.50 and a low of N1,547.50 per dollar on Tuesday.
However, the naira traded at N1,595 at the parallel or black market window on Tuesday. This means the local currency recorded N5 appreciation at the black market.
READ ALSO: Naira Rebounds, Ends Week On Positive Note
The naira had shown positive signs of appreciation last week, strengthening to 1,547/$ from 1,549/$. This was attributed to CBN’s intervention. The apex bank had injected dollars into the FX market to ease demand pressures.
Analysts attributed the development to the naira’s ability to withstand foreign exchange inflows from Foreign Portfolio Investors (FPIs). In an investor’s note, Cordros Capital Limited disclosed that FPIs raised dollars to take part in the CBN’s Open Market Operation auction.
The foreign reserves dipped by $ 141.37 million to $37.52 billion as of Monday, 23 June 2025, from $37.66 billion on Friday, 20 June 2025.
