The Nigerian naira depreciated against the United States dollar at the official foreign exchange market on Tuesday, according to data from the Central Bank of Nigeria (CBN).

CBN figures showed that the naira weakened to ₦1,420.28 per dollar on Tuesday, compared with ₦1,417.95 recorded on Monday. This represents a day-on-day decline of ₦2.33.

In contrast, the local currency recorded a slight gain at the parallel market, strengthening by ₦2 to trade at ₦1,493 per dollar on Tuesday, up from ₦1,495 the previous day.

The movement in the exchange rate comes as Nigeria’s foreign exchange reserves stood at $45.90 billion as of January 16, 2026.

It will be recalled that the naira had appreciated at the official foreign exchange market on Monday.