Just in: Naira records second consecutive fall against dollar on official market

DDM News

The Nigerian naira has suffered a second straight day of depreciation against the US dollar at the official foreign exchange (FX) market.

Diaspora Digital Media (DDM) reports that data released by the Central Bank of Nigeria (CBN) on Tuesday, June 25, confirmed that the naira slipped slightly from ₦1,548.52 on Monday to ₦1,549.04 per dollar.

This represents a day-to-day loss of ₦0.52, indicating continued volatility in the nation’s official currency market.

Analysts observe that the decline, while marginal, reflects ongoing challenges with forex liquidity and investor confidence in the Nigerian financial system.

Meanwhile, in the parallel or black market, the naira maintained stability at ₦1,595 per dollar, the same rate recorded on Monday.

This divergence between the official and black market rates continues to raise concerns among economic observers and foreign investors.

Recall that the naira had also depreciated against the dollar on Monday in the official window, though it posted minor gains in the black market.

Experts have attributed the naira’s persistent pressure to a mix of low dollar inflows, speculative trading, and structural weaknesses in the economy.

The Central Bank has recently taken several steps to stabilise the naira, including interest rate hikes, increased forex interventions, and tightening monetary policies.

Despite these efforts, the local currency continues to fluctuate amid persistent demand for the dollar to meet import obligations, tuition payments, medical travel, and other forex-related needs.

Market watchers are calling on the federal government to implement broader economic reforms that support production, reduce imports, and boost foreign direct investment.

As of the time of filing this report, the Central Bank had yet to announce any new measures to address the continuing depreciation trend.

Investors and businesses remain cautious as the naira continues to struggle against the dollar, both officially and unofficially.

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