Naira tumbles again, falls to N1,605 at official rate, N1,610 on black market

The naira began the week on a negative note, slipping further against the US dollar at both the official and black market foreign exchange windows.

On Monday, May 6, the Central Bank of Nigeria (CBN) reported that the naira fell to ₦1,605.62/$1, down from ₦1,602.18/$1 on Friday, May 3 — a ₦3.44 loss in one day.

At the parallel (black) market, the naira also dropped, falling by ₦5 to close at ₦1,610/$1, compared to ₦1,605/$1 at the end of last week.

This decline comes even as the CBN revealed that Nigeria’s external reserves had grown to $38.8 billion in 2024, a development that might help support future interventions in the forex market.