At the official foreign exchange market, the naira saw a notable decline versus the dollar on Wednesday when trade resumed following Tuesday's public holiday in remembrance of the late former president Muhammadu Buhari.  

According to the Central Bank of Nigeria's exchange rate statistics, the naira fell from N1,518.89 to N1,530.25 per dollar on Monday to N1,530.25 on Wednesday.  

Consequently, compared to the N1,518.89 per dollar that was traded on Monday, the naira fell sharply, to N11.36, against the dollar.

The naira was trading at N1,550 to the dollar on the black market, which is the same exchange rate as it was before to Tuesday's public holiday.  

The news follows the National Bureau of Statistics' announcement on Wednesday that headline inflation in Nigeria fell to 22.22 percent in June 2025.  

To start the week off well, keep in mind that the naira saw a significant increase in value relative to the dollar on Monday.

Source