Naira Depreciates as Nigeria’s External Reserves Slide Despite Rising Oil Prices
Image Credit: dailypostThe Nigerian naira depreciated slightly against the US dollar at the official foreign exchange market, moving from N1,544.63 on Monday to N1,545.27 on Tuesday.
In the parallel black market, the naira remained stable at N1,600 per dollar, with bureau de change operators buying at N1,585 and selling at N1,600.
The depreciation comes despite a recent appreciation linked to Nigeria’s May 2025 inflation rate drop, alongside a decrease in the country’s external reserves from $38.02 billion to $37.93 billion as of June 13, 2025.
Meanwhile, Nigeria is expected to generate increased crude oil revenue due to a global price surge, with Brent crude at $75.63 and West Texas Intermediate futures at $74.03 per barrel.
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