The Naira continued its downward slide against the U.S. Dollar on Tuesday, following a decline in global crude oil prices, Nigeria’s major foreign exchange earner.

According to data from the Central Bank of Nigeria (CBN), the local currency depreciated to ₦1,463.23 per dollar at the official foreign exchange market, down from ₦1,457.51 recorded on Monday — a ₦5.72 day-to-day drop.

In the black market, the Naira also slipped by ₦2, trading at ₦1,505 per dollar compared to ₦1,503 the previous day.

The latest dip in the Naira’s value comes amid a sharp decline in crude oil prices, with Brent crude falling to $62.39 per barrel and U.S. West Texas Intermediate (WTI) trading at $58.70 per barrel on Tuesday.

Despite the weakening currency, Nigeria’s external reserves have shown a steady rise, standing at $42.63 billion as of October 13, 2025, signaling possible intervention efforts by the apex bank to stabilize the forex market.

Economic analysts attribute the Naira’s continued pressure to the volatile oil market, foreign exchange scarcity, and rising import demand, which have all combined to strain the country’s exchange rate stability.