Nigeria's currency weakened against the dollar on Tuesday at the official forex market. Anticipation of the Eid-ul-Adha festivities appeared to drive the depreciation.
Central Bank data showed the Naira fell to N1,375.41 per dollar on Tuesday. Monday's closing rate was N1,374.92 to the greenback.
That's a loss of 48 kobo in a single day. The slide came despite modest gains recorded at the start of the week.
Black market traders held their ground at N1,395 per dollar. They quoted the same rate on both Monday and Tuesday.
Nigeria's external reserves climbed to $49.26 billion as of May 25th. The central bank's foreign currency buffer continues to strengthen gradually.
