The Naira continued depreciating against the United States Dollar at the official foreign exchange market on Tuesday, 31 March 2026, as the Central Bank of Nigeria’s recapitalization deadline ended.
Apex bank data showed that the local currency dropped further on Tuesday to N1,386.72, down from N1,383.58 recorded the previous day.
This means that on a day-to-day basis, the Naira depreciated by N3.13 against the dollar.
Similarly, in the black market, the Naira dropped by N5 to N1,420 per dollar on Tuesday compared to N1,415 traded on Monday.
This comes as the country’s external reserves dropped further on March 30, 2026, to $49.29 billion from $49.44 billion recorded on the 27th.
DAILY POST reports that the Naira’s downtrend comes as the CBN’s banks’ recapitalization deadline ended, with 32 banks reported by the CBN to have met the capital requirement.