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    You are at:Home»Nigeria»Business»Naira Loses More Ground, Nigeria’s Reserves Dip
    Business

    Naira Loses More Ground, Nigeria’s Reserves Dip

    Chinomso SundayBy Chinomso SundayJune 18, 202502 Mins Read
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    Naira Sees First Drop Against Dollar in Black Market
    A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo
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    The naira lost some ground against the dollar at the official foreign exchange window on Tuesday, reversing its brief gain from the day before—just as Nigeria’s external reserves took another dip.

    Figures from the Central Bank of Nigeria (CBN) revealed the local currency slid slightly to ₦1,545.27/$1, down from ₦1,544.63/$1 on Monday. That’s a mild decline of ₦0.64 in a single day—subtle, but telling.

    On the streets, however, it was business as usual. The black market held steady at ₦1,600 to the dollar, mirroring Monday’s rate. “We buy at ₦1,585 and sell at ₦1,600,” said Abubakar Alhasan, a Bureau De Change trader operating out of Wuse Zone 4 in Abuja.

    Naira Sees First Drop Against Dollar in Black Market
    Man holding Dollars and Naira notes. Credit: Nairametrics

    This comes right after the naira saw modest gains on Monday, following news that Nigeria’s inflation cooled in May 2025. But any optimism from that development was quickly overshadowed by the nation’s shrinking foreign reserves.

    CBN data showed that reserves fell to $37.93 billion on June 13, down from $38.02 billion just two days earlier. Still, there’s a glimmer of hope: crude oil prices have been climbing. On Tuesday, Brent crude futures hit $75.63 per barrel, while West Texas Intermediate (WTI) settled at $74.03, potentially setting Nigeria up for increased oil revenue in the near term.

    CBN Dollars Naira
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    Chinomso Sunday

    Chinomso Sunday is a Digital Content Writer at News Central. Her expertise spans special reports, developmental insights, and investigative journalism. Additionally, she holds roles as an Editor, Online Reputation Manager, and Digital Marketing Strategist, contributing her combined skills to her professional endeavours.

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