The Naira’s struggle for stability continued at the official foreign exchange market this Tuesday, as it skidded further against the U.S. Dollar.
Latest data from the Central Bank of Nigeria reveals that the local currency dipped to N1,355.37 per dollar, a slight but noticeable decline from Monday’s closing rate of N1,349.24. This marginal shift reflects a day-to-day loss of N6.13 for the Naira.
While the official market saw movement, the parallel—or “black”—market told a story of temporary stagnation, with the rate holding steady at N1,370 per dollar, mirroring Monday’s figures.
Amidst these fluctuations, President Bola Ahmed Tinubu spoke from the Presidential Villa on Tuesday, acknowledging the pressures on the currency.
He confirmed that the Central Bank of Nigeria has been actively “mopping up” dollars in an aggressive effort to provide the market with the liquidity needed to steady the Naira.
Providing a broader view of the nation’s financial health, Central Bank Governor Olayemi Cardoso shared a more optimistic milestone.
He noted that the country’s external reserves have bolstered significantly, hitting a 13-year peak with a gross of $50.45 billion as of February 16, 2026.