The Nigerian Naira on Tuesday continued its decline against the US dollar across both official and parallel foreign exchange markets amid what analysts describe as inaction by the Central Bank of Nigeria.
CBN data indicated that the naira weakened to N1,384.29 per dollar on Tuesday, compared to N1,378.0246 recorded on Monday.
This shows that the naira depreciated by N6.26 against the dollar on a day-to-day basis.
Similarly, in the parallel market, also known as the black market, the naira fell by N10 to N1,390 per dollar on Tuesday from N1,380 traded on Monday.
For more than eight days, the naira has continued to depreciate against the dollar after the apex bank mopped up foreign currency from the market.
This situation persists despite a steady increase in the country’s external reserves, which stood at $49.69 billion as of February 27, 2026.
Meanwhile, on Tuesday, Bola Tinubu nominated Taiwo Oyedele, former chairman of the Presidential Fiscal Policy and Tax Reforms Committee, as Minister of State for Finance under the supervision of the Minister of Finance, Wale Edun.