Naira Falls Across Official and Parallel Markets as Reserves Hit $51.58 Billion
By Aboki Forex —
The Nigerian naira depreciated against the dollar on Tuesday in both the official and parallel foreign exchange markets, reversing Monday's mixed performance.
Central Bank of Nigeria data showed the naira fell to N1,375.75 per dollar on Tuesday, down from N1,368.27 exchanged on Monday. This represents a day on day depreciation of N7.48 against the dollar.
Black Market Decline
At the parallel market, the naira also weakened further, trading at N1,415 per dollar on Tuesday, down from N1,410 recorded the previous day. The decline in both segments signals sustained pressure on the local currency despite recent interventions by monetary authorities.
Foreign Reserves Rise
Meanwhile, Nigeria's foreign reserves surged further to $51.58 billion as of July 6, 2026. The increase in reserves comes even as the naira struggles for stability, suggesting that factors beyond reserve levels are influencing exchange rate movements.
Recall that the naira appreciated against the dollar in the official market but lost ground in the black market on Monday, before Tuesday's broad based decline.
For Nigerian consumers and businesses, the continued depreciation means higher costs for imported goods and raw materials, putting further pressure on domestic prices and the cost of living.