The Nigerian naira experienced a decline in value against the United States dollar at the official foreign exchange market on Tuesday, ahead of the new year. According to data from the Central Bank of Nigeria, the naira exchanged at N1,445.68 per dollar, representing a decrease from the N1,442.51 traded on Monday. This translates to a day-to-day depreciation of N3.17 against the dollar.
The last time the naira dropped against the dollar at the official foreign exchange market was on December 18, when it stood at N1,457.84 per dollar. In contrast, the black market exchange rate remained stable at N1,475 per dollar on Tuesday, unchanged from the previous day.
Despite the mixed sentiment in the foreign exchange market, Nigeria’s external reserves have continued to rise, reaching $45.45 billion as of December 29, 2025. This increase in reserves may be seen as a positive indicator for the country’s economy, but its impact on the naira’s value remains to be observed.
The foreign exchange market in Nigeria has been subject to fluctuations in recent times, influenced by various economic factors. The official foreign exchange market and the black market have often shown different trends, reflecting the complexities of the country’s currency exchange dynamics.
As the year draws to a close, the performance of the naira against major currencies like the US dollar will be closely watched. The Central Bank of Nigeria’s efforts to stabilize the currency and manage inflation will be crucial in determining the naira’s trajectory in the coming year. With the external reserves on an upward trend, it remains to be seen how this will affect the naira’s value and the overall economy of Nigeria.