The naira experienced a slight depreciation against the dollar at the official foreign exchange market on Tuesday, reversing gains from the previous day.
According to data from the Central Bank of Nigeria (CBN), the naira fell to N1,532.39 per dollar on Tuesday, down from N1,531.19 on Monday, marking a marginal decline of N1.2.
Despite the movement in the official market, the exchange rate at the black market remained stable, holding steady at N1,570 per dollar—the same level recorded on Monday.
The naira had initially strengthened against the dollar across both official and parallel markets at the start of the week.
Meanwhile, CBN Governor Olayemi Cardoso reiterated the bank’s commitment to stabilizing the foreign exchange market and controlling inflation.
Speaking at the CBN headquarters in Abuja on Tuesday during a meeting with scholars from the Harvard Kennedy School, Cardoso acknowledged ongoing challenges but emphasized that progress was being made. He stated that the CBN is actively working on “stabilising the foreign exchange market and curbing inflation.”
