Naira slips to N1,329.15 per dollar at official market, black market steady
Naira slipped to N1,329.15 per dollar at the official foreign exchange market on Tuesday, up from N1,326.30 the previous day—a daily loss of N2.85. The parallel market rate held steady at N1,390 per dollar, unchanged from Monday. Despite the depreciation, Nigeria's external reserves rose to $54.61 billion as of September 14, according to CBN data.
The move means importers and businesses needing dollars will spend slightly more naira for the same amount of foreign currency, potentially raising costs for goods and services. Consumers may feel the pinch through higher prices for imported items, while exporters could see a modest boost in naira earnings. The simultaneous rise in reserves suggests the central bank still has buffers, yet the naira’s weakening points to persistent demand pressure.
If you're budgeting for imports, school fees, or travel, factor in the new official rate and consider locking in rates early if possible. For those earning in foreign currency, the depreciation adds naira value to your income. Keep an eye on CBN announcements and parallel market trends, as shifts can affect purchasing power and business planning.