The Nigerian naira weakened to N1,363.85 against the US dollar at the official foreign exchange market on Wednesday, marking its first depreciation after two consecutive days of gains.
Figures released by the Central Bank of Nigeria (CBN) showed the local currency closed at N1,363.85/$1, compared with N1,362.55/$1 recorded on Tuesday.
Naira ends two-day winning streak
The latest movement represents a daily loss of N1.30 against the US dollar, bringing an end to the naira’s two-day appreciation at the official market.
However, the local currency posted a slight improvement at the parallel market. It strengthened by N1 to trade at N1,424 per dollar on Wednesday, compared with N1,425 per dollar the previous day.
Foreign reserves remain stable
Meanwhile, Nigeria’s external reserves remained unchanged at $51.95 billion as of August 4, 2026.
The latest performance follows the naira’s gains at the official market on Monday and Tuesday, while exchange rates at the parallel market remained unchanged during the same period.
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