The Nigerian naira recorded its first loss against the US dollar at the official foreign exchange market this week, ending a two-day run of gains despite continued stability in the country’s external reserves.
Latest data released by the Central Bank of Nigeria (CBN) showed the naira closed at ₦1,363.85/$1 on Wednesday, compared to ₦1,362.55/$1 on Tuesday.
The movement represents a ₦1.30 depreciation against the dollar on a day-to-day basis, marking the currency’s first decline at the official market after posting consecutive gains earlier in the week.
In contrast, the naira strengthened slightly at the parallel (black) market, appreciating by ₦1 to trade at ₦1,424/$1, up from ₦1,425/$1 recorded on Tuesday.
The mixed performance comes as Nigeria’s foreign exchange reserves remained unchanged at $51.95 billion as of August 4, 2026, according to the latest figures from the CBN.
Earlier this week, the local currency had posted modest gains at the official market on both Monday and Tuesday, while the exchange rate at the parallel market remained largely stable.
Analysts continue to monitor movements in the foreign exchange market as policymakers seek to sustain liquidity, stabilise the naira and improve investor confidence amid ongoing economic reforms.
The latest figures highlight the continued divergence between Nigeria’s official and parallel foreign exchange markets, even as authorities work to strengthen the country’s foreign exchange framework.
