The Nigerian naira edged lower to N1,383.5/$ on Tuesday, slipping slightly from N1,383/$ recorded the previous day, as falling external reserves and cautious global sentiment continued to weigh on the currency.
Figures from the Central Bank of Nigeria showed the naira traded between N1,372/$ and N1,389/$ خلال the session.
The mild depreciation reflects sustained pressure in the foreign exchange market, largely driven by the gradual decline in Nigeria’s external reserves.
Market activity pointed to moderate liquidity, with trading conditions remaining stable but cautious in the Nigerian Foreign Exchange Market. The currency posted an average rate of N1,381.86/$ during Tuesday’s session.
Interbank transactions totaled $83.44 million across 88 deals, indicating steady participation despite ongoing uncertainties.
Meanwhile, Nigeria’s external reserves fell to $49.6 billion as of March 23, 2026, down from $49.8 billion recorded days earlier, underscoring continued strain on the country’s foreign exchange buffers.
