Naira records highest depreciation against dollar as Tinubu marks second anniversary

Nigeria’s currency, the naira, recorded its highest depreciation against the dollar at the official foreign exchange market on Wednesday as President Bola Ahmed Tinubu marked his second anniversary.

Central Bank of Nigeria exchange rate data showed that the naira weakened further to N1,590.74 on Wednesday from N1,583.73 traded on Tuesday.

This means that the naira dipped by N7.01 on a day-to-day basis, the highest depreciation since May 26th, 2025.

Similarly, at the black market, the naira dropped by N3 to N1620 per dollar on Wednesday from N1617.

Media Talk Africa reported on Tuesday that the naira also depreciated across foreign exchange markets.

In June 2023, Tinubu’s administration floated the naira at the FX market, resulting in depreciation of the country’s currency from an average of N460 per dollar to N1,590.74 on Wednesday, 28th May 2025.