The naira weakened by N3.13 against the US dollar at the official foreign exchange market on Tuesday. According to Central Bank of Nigeria (CBN) data, the currency settled at N1,386.71 per dollar, down from N1,383.58 the previous day. The decline occurred at the official window, where the CBN oversees forex transactions. This latest depreciation reflects ongoing pressure on the local currency amid persistent demand for dollars. The CBN has maintained that it is stabilizing the forex market through strategic interventions.
A loss of N3.13 in a single day undercuts the Central Bank of Nigeria's claims of stability. If the naira continues to erode at this pace, import costs will climb further, feeding directly into consumer prices. For Nigerians already grappling with high inflation, each dip in the currency means tighter household budgets. The CBN's interventions appear reactive, not transformative.
