The value of Nigeria’s naira dropped on Tuesday after banks resumed selling foreign currency for personal and business needs. According to the FMDQ platform, the naira lost 0.31% in the official market, closing at ₦1,552.78 per dollar.
Banks such as First Bank and Ecobank announced via email that customers can now buy foreign currency for travel, medical bills, and school fees. These sales are at rates set by the Central Bank of Nigeria (CBN).
This move helped ease pressure on the parallel market, where the naira appreciated slightly, trading at ₦1,665 per dollar, narrowing the gap between official and street rates.
Last week, the CBN sold a total of $329.6 million to banks, with rates ranging from ₦1,545 to ₦1,555 per dollar. However, this intervention has reduced Nigeria’s foreign reserves, which now stand at $40.295 billion, down from $40.920 billion earlier this year.
Meanwhile, global oil prices dipped, with Brent Crude at $79.01 per barrel and West Texas Intermediate at $75.68 per barrel.
