The naira on Wednesday recorded its third consecutive depreciation against the dollar at the official foreign exchange market despite the country’s external reserves rising to $41 billion.
Central Bank of Nigeria exchange data showed that the Naira further weakened to N1,536.73 per dollar on Wednesday from N1,534.93 traded the previous day.
This means that the country’s currency again dipped by N1.8 against the dollar on a day-to-day basis.
This is the third time the Naira has declined against the dollar this week, since Monday, August 18, 2025.
Meanwhile, at the black market, the Naira remained unchanged at N1,550 per dollar on Wednesday, the same exchange rate recorded on Tuesday.
“We buy at N1,540 per dollar and sell at N1,550,” a Bureau de Change operator in Wuse Zone 2, Abubakar Alhasan, told DAILY POST on Wednesday.
This comes as Nigeria’s external reserves increased to $41 billion as of Tuesday, August 19, 2025, up from $40.96 billion on Monday.
DAILYPOST
