Naira on Tuesday fell to a record low of N1,235 per dollar following strong demand on the parallel market, also known as black market.

This represents 2.06 percent (N25) weaker than N1,210 recorded on Monday.

Naira on Monday strengthened against the dollar, gaining 1.85 percent at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Read also Naira speculators in trouble as FG moves to digitise FX transactions

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Naira appreciation comes after Wale Edun, the finance minister said Monday that Nigeria is expecting as much as $10 billion in new foreign currency inflows in the next few weeks to ease acute dollar shortages in the foreign exchange market.

Read also Naira falls to all-time low of N1,210/$ on demand pressure

After trading on Monday at the NAFEM, one dollar was quoted at N793.34, which was stronger than N808.27 quoted on Friday, data from the FMDQ showed.

Willing buyers and willing sellers offered and sold at a bid rate of N900/$ high and N701/$ low. The daily FX market turnover increased marginally by 2.89 percent to $81.55 million on Monday from $79.26 million recorded on Friday at the official market.

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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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