Nigerian Naira Weakens Against Dollar, Exchange Rate Gap Widens to N20

The Nigerian Naira depreciated against the US Dollar for the second consecutive day, with the exchange rate gap between the official and black markets reaching N20. The official market saw the Naira decline against major currencies like the British Pound and Euro.

Analysts attribute the Naira's performance to increased US Dollar availability and supply-side interventions by the Central Bank. Nigeria's currency has been recognized as one of the best-performing in Africa in 2025, with the World Bank crediting fiscal and monetary reforms implemented under President Tinubu.