Wisdom Engraced
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The naira has depreciated against the dollar for the second consecutive time this week, according to the Central Bank of Nigeria’s exchange rate data. As of Tuesday, the naira closed at N1,537.09 against the dollar, down from N1,535.92 on Monday, representing a daily depreciation of N1.17.
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In contrast, the black market rate remained stable at N1,570 per dollar on Tuesday, unchanged from the previous day. Over the past two days, the naira has lost N3.53 against the dollar. This development occurs despite an increase in Nigeria’s external reserves, which stood at $40.29 billion as of August 8, up from $39.36 billion at the end of last month.
The naira’s depreciation against the dollar has been a concerning trend, with the currency losing N3.53 against the dollar in just two days. As of Tuesday, the naira closed at N1,537.09 against the dollar, down from N1,535.92 on Monday, representing a daily depreciation of N1.17.
Despite the naira’s depreciation, Nigeria’s external reserves have shown resilience, reaching $40.15 billion, the highest level in eight months.
The reserves now cover 11.9 months of imports, providing the Central Bank of Nigeria with greater flexibility to sustain foreign exchange market interventions and keep the naira stable. Analysts project the naira to close 2025 within the N1,490-N1,520/$ range.
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Jonathan Nwokpor
