Nigeria News
Naira crashes massively against dollar as Tinubu marks second year in office
Nigeria’s currency, the naira, recorded its steepest depreciation at the official foreign exchange market on Wednesday, coinciding with President Bola Ahmed Tinubu’s second anniversary in office.
According to data from the Central Bank of Nigeria (CBN), the naira weakened to N1,590.74/$1 on Wednesday, down from N1,583.73/$1 on Tuesday — a daily loss of N7.01, marking the currency’s sharpest single-day decline since May 26, 2025.
The pressure on the naira was also felt in the parallel market, where it fell to N1,620/$1 on Wednesday from N1,617/$1 the previous day, reflecting a N3 drop.
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