On Wednesday, the Nigerian naira saw its initial decline against the US dollar within the official foreign exchange window. According to Central Bank of Nigeria (CBN) figures, the currency slipped to N1,363.85 per dollar, compared to the N1,362.55 rate reported the previous day.
This shift represents a daily loss of N1.30, snapping the currency’s upward momentum that had persisted for two days. Conversely, the parallel market saw the naira strengthen by N1, moving to N1,424 per dollar from Tuesday’s rate of N1,425.
This market fluctuation occurs while Nigeria’s foreign exchange reserves stay steady at $51.95 billion, as recorded on August 4, 2026. Prior to this, the naira had posted consecutive gains at the official level early in the week, while maintaining a static value in the parallel market.
