The naira recorded a slight depreciation against the US dollar at the official foreign exchange market on Wednesday, reversing two consecutive days of gains.
Data from the Central Bank of Nigeria (CBN) showed that the local currency weakened to ₦1,420.04 per dollar on Wednesday, compared with ₦1,419.66 on Tuesday, representing a ₦0.38 day-on-day decline. This marks the naira’s first depreciation this week at the official market.
In contrast, the naira remained unchanged at the parallel (black) market, trading at ₦1,490 per dollar, the same rate recorded on the previous day.
The marginal decline comes despite Nigeria’s growing external reserves, which stood at $45.74 billion as of January 12, 2026, according to figures released by the apex bank.
Recall that the naira had posted two straight days of appreciation at the official foreign exchange window on Monday and Tuesday, raising cautious optimism among market watchers before Wednesday’s pullback.
Comments