Nigerian naira records depreciation against US dollar

The Nigerian naira recorded depreciation against the United States dollar at the official foreign exchange market on Tuesday.

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The Central Bank of Nigeria’s data showed that the Naira fell to N1,420.28 against the dollar on Tuesday, down from N1,417.95 per dollar on Monday.

This showed that the Naira weakened by N2.33 against the dollar on a day-to-day basis.

Meanwhile, at the black market, the Naira gained by N2 to N1,493 per dollar on Tuesday, up from N1,495 the previous day.

The development comes as the country’s foreign reserves stood at $45.90 billion as of 16th January 2026.

Recall that the naira appreciated on Monday at the official foreign exchange market.