The Nigerian naira dropped to N1,535.24 per dollar on Tuesday, July 23, 2025, from the N1,532.54 exchanged the previous day.
It was the second time the country’s currency had fallen against the dollar this week.
This is coming at a time Central Bank of Nigeria is retaining the interest rate at 27.50 per cent.
In essence, the Nigerian currency dropped by N2.70 between Monday and Tuesday.
The changes at the official market had no bearing on the black market rate as the naira remained N1,540 per dollar on Tuesday, as it was on Monday.
It would be recalled that the Governor of the Central Bank of Nigeria, Olayemi Cardoso, at the end of the 301st MPC meeting, remarked that the Nigerian currency now inspired confidence in the country’s citizens.
The Nigerian Naira has enjoyed relative stability compared to the pre-floating era, but some measure of volatility has persisted.
The Naira still takes occasional dips and records marginal improvements from time to time.
