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Local currency drops to N1,545.27/$ at official rate after brief rebound
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CBN figures show reserves dipped by over $90 million in two day
Barely 24 hours after recording marginal gains, the naira weakened again on Tuesday, June 17, 2025, sliding to N1,545.27/$ at the official foreign exchange market, even as Nigeria’s external reserves recorded a fresh decline.
Figures from the Central Bank of Nigeria (CBN) showed that the local currency lost N0.64 compared to Monday’s N1,544.63/$, a reversal from its earlier recovery triggered by the May inflation dip.
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The weakening of the naira came as the CBN confirmed that Nigeria’s external reserves fell to $37.93 billion as of June 13, 2025, down from $38.02 billion recorded on June 11 — a sharp drop of over $90 million in just two days.
This development occurred amid rising global oil prices, with Brent crude and West Texas Intermediate (WTI) selling at $75.63 and $74.03 per barrel, respectively, due to fears of disruption from the ongoing Israel-Iran conflict.
