Victor EzejaThe Nigerian naira recorded depreciation across foreign exchange market windows on Tuesday, 5 August 2025.
This is the first time the local currency has fallen in the foreign exchange market this week.
Join our WhatsApp ChannelThe naira started the week on a positive note, exchanging N1,531.95 per dollar on Monday, a N1.79 gain when compared with N1,533.74 recorded on Friday, 1 August, according to the Central Bank of Nigeria (CBN) foreign exchange data.
It, however, traded N1,533.10 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, 5 August, reflecting a loss of N1.15 on a day-on-day basis.
The CBN data shows that it recorded the highest spot rate of N1,534 and the lowest rate of N1,532 per dollar.
Also, at the parallel (black) market, the naira witnessed a significant depreciation, dropping from N1,560 to N1,565 on Tuesday.
The naira remained stable at the black market on Monday, trading at N1560 per litre, the same exchange rate it had on Friday.
This comes as Nigeria’s external reserves have maintained a modest rise to $39.54 billion as of August 1, 2025, up from $39.36 billion on July 30.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
