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The naira has experienced significant depreciation against the dollar at the official foreign exchange market, trading at N1,530.25 per dollar on Wednesday. This represents a drop of N11.36 from the N1,518.89 per dollar traded on Monday, according to the Central Bank of Nigeria’s exchange rate data.

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In contrast, the naira remained stable at N1,550 against the dollar in the black market, maintaining the same exchange rate as before Tuesday’s public holiday

This development comes as the National Bureau of Statistics announced a decline in Nigeria’s headline inflation rate to 22.22 percent in June 2025.

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The naira’s fluctuation in the official market follows a notable appreciation on Monday, which marked a positive start to the week

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