The naira recorded its first depreciation against the US dollar at the official foreign exchange market on Wednesday.
Data from the Central Bank of Nigeria (CBN) showed that the naira weakened to N1,363.85/$1 on Wednesday from N1,362.55/$1 recorded on Tuesday.
This means that, on a day-to-day basis, the naira depreciated by N1.30 against the dollar, ending its two-day bullish run.
Meanwhile, at the parallel market, the naira appreciated by N1 to N1,424 per dollar on Wednesday from N1,425 per dollar on Tuesday.
The development comes as the country’s foreign reserves remained unchanged at $51.95 billion as of August 4, 2026.
Recall that on Monday and Tuesday, the naira recorded gains at the official foreign exchange market but remained unchanged at the parallel market.
Dollar to Naira exchange rate today, August 5, 2026: Nigerian naira records first depreciation against US dollar
The naira recorded its first depreciation against the US dollar at the official foreign exchange market on Wednesday.
Data from the Central Bank of Nigeria (CBN) showed that the naira weakened to N1,363.85/$1 on Wednesday from N1,362.55/$1 recorded on Tuesday.
This means that, on a day-to-day basis, the naira depreciated by N1.30 against the dollar, ending its two-day bullish run.
Meanwhile, at the parallel market, the naira appreciated by N1 to N1,424 per dollar on Wednesday from N1,425 per dollar on Tuesday.
The development comes as the country’s foreign reserves remained unchanged at $51.95 billion as of August 4, 2026.
Recall that on Monday and Tuesday, the naira recorded gains at the official foreign exchange market but remained unchanged at the parallel market.