By Atoyebi Nike
The naira continued its slide against the US dollar in the official foreign exchange market on Tuesday, marking its second straight day of depreciation this week.
Data from the Central Bank of Nigeria (CBN) showed the local currency closed at ₦1,537.09 to the dollar, down from ₦1,535.92 recorded on Monday. This represents a daily loss of ₦1.17.
In the parallel market, however, the naira held steady at ₦1,570 per dollar, the same rate recorded on Monday.
So far this week, the currency has shed ₦3.53 in value against the greenback, despite an uptick in Nigeria’s external reserves, which rose to $40.29 billion as of August 8, up from $39.36 billion at the end of July 2025.
Analysts say the depreciation highlights persistent pressure on the naira, even as stronger reserves could provide the CBN with more intervention capacity in the coming weeks.
