The Nigerian naira depreciated against the United States dollar on Tuesday, August 6, 2025, at both the official and parallel foreign exchange markets, reversing the slight gains recorded at the start of the week.
According to data from the Central Bank of Nigeria (CBN), the naira dropped to ₦1,533.10/$1 at the official market, compared to ₦1,531.95/$1 traded on Monday — a loss of ₦1.15 in a single day.
Similarly, in the black market, the naira weakened further, falling by ₦5 to close at ₦1,565/$1, down from ₦1,560/$1 the previous day.
The depreciation came despite a recent rise in Nigeria’s external reserves, which stood at $39.54 billion as of August 1, 2025, according to the latest CBN data. The uptick in reserves had initially buoyed the naira on Monday.
Market analysts suggest the renewed pressure on the naira may be linked to persistent demand for foreign exchange and concerns over liquidity in both formal and informal FX markets.