Naira Records First Drop Against Dollar This Week — Official Rate Falls to ₦1,533.18

The Nigerian naira recorded its first decline against the U.S. dollar this week at the official foreign exchange market, according to fresh data released by the Central Bank of Nigeria (CBN).

On Wednesday, July 30, 2025, the naira weakened slightly, trading at ₦1,533.18 per dollar, compared to ₦1,531.84 on Tuesday — a drop of ₦1.34 in a single day.

This is the first time the naira has depreciated since Monday, July 28, breaking a short streak of stability in the official market.

However, over at the parallel (black) market, the naira held steady at ₦1,545/$, the same rate recorded on Tuesday, offering no further relief to currency traders and consumers alike.

What makes this slight dip surprising is that it comes despite a boost in Nigeria’s foreign reserves. Data from the CBN shows reserves rose from $39.14 billion on July 28 to $39.27 billion on July 29.

Analysts say while the increase in reserves is encouraging, market demand pressures and investor sentiment still play a major role in shaping the exchange rate day to day.

For now, all eyes remain on the CBN and federal government to see if further fiscal or monetary policy moves can help stabilize the naira in the face of ongoing economic pressures.