Naira recorded massive depreciation against the dollar at the official foreign exchange market on Tuesday.

The Central Bank of Nigeria’s data showed that the Naira weakened for the second time this week to N1,380.71 per dollar on Tuesday, down from N1,364.24 traded on Monday.

This means that on a day-to-day basis the local currency dropped by 16.47 on a day-to-day basis against the dollar.

At the black market, the Naira remained unchanged at N1429 per dollar, the same rate traded on Monday.

The development comes as the country’s foreign reserves extended decline to $48.39 billion as of April 27th, 2026.

DAILY POST reports that the Naira dipped across foreign exchange markets on Monday.