The Naira on Wednesday posted its third straight decline against the US dollar at the official foreign exchange market, even as Nigeria’s external reserves climbed to $41 billion.
According to data from the Central Bank of Nigeria (CBN), the Naira slipped further to N1,536.73 per dollar, compared to N1,534.93 traded on Tuesday.
This reflects a day-to-day depreciation of N1.80, marking a continued weakening of the local currency despite improved reserve figures.
Recall that this is the third time the Naira has declined against the dollar this week since Monday, 18 August 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, said 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.
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