The naira recorded its first depreciation against the dollar at the official foreign exchange market on Wednesday.
Data from the Central Bank of Nigeria (CBN) showed that the local currency weakened for the first time this week, closing at N1,350.41 per dollar on Wednesday, compared to N1,343.32 exchanged on Tuesday.
This means that the naira depreciated by N7.09 against the dollar on a day-to-day basis.
Meanwhile, at the black market, the naira remained unchanged at N1,405 per dollar on Wednesday, the same rate recorded on Tuesday.
This comes as the country’s foreign reserves stood at $52.32 billion as of August 17, 2026.
Recall that the naira recorded two consecutive days of appreciation against the dollar on Monday and Tuesday at the official foreign exchange market.