The Naira weakened slightly to N1,383.5/$ on Tuesday, compared to N1,383/$ recorded on Monday, amid declining external reserves and cautious sentiment in global currency markets.
Data from the Central Bank of Nigeria (CBN) showed that the currency traded within a band of N1,372/$ to N1,389/$ during the session.
The marginal depreciation reflects ongoing pressure on the foreign exchange market as reserves continue to trend downward.
Market activity showed moderate liquidity, with stable but cautious trading conditions in the Nigerian Foreign Exchange Market (NFEM).
The naira recorded a simple average exchange rate of N1,381.86/$ during Tuesday’s trading session.
Total interbank turnover stood at $83.44 million across 88 deals.
Nigeria’s external reserves declined to $49.6 billion as of March 23, 2026, from $49.8 billion recorded on March 18.
The drop in reserves signals sustained pressure on the country’s foreign exchange buffers.
The data suggests that while the naira remains relatively stable, underlying pressures from declining reserves persist.
