Naira Slumps Again as Oil Prices Crash, Hits N1,505 Per Dollar
The Naira continued its downward spiral against the United States Dollar on Tuesday following a sharp decline in global crude oil prices.
According to data from the Central Bank of Nigeria, the Naira dropped to N1,463.23 per dollar at the official foreign exchange market, compared to N1,457.51 recorded on Monday. This reflects a day-to-day depreciation of N5.72.
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Similarly, at the parallel market, the local currency weakened further by N2, trading at N1,505 per dollar on Tuesday, down from N1,503 the previous day.
The latest dip in value comes amid falling crude prices, with Brent crude selling at $62.39 per barrel and the United States West Texas Intermediate (WTI) trading at $58.70 per barrel.
However, despite the naira’s depreciation, Nigeria’s external reserves continue to show positive growth, standing at $42.63 billion as of October 13, 2025.
Reports Shows that the naira had earlier depreciated against the dollar on Monday, extending its losing streak into a second consecutive day.
