The Nigerian Naira has extended its decline against the US dollar for the third consecutive session within the official foreign exchange market, concluding the week with a loss. According to figures from the Central Bank of Nigeria, the currency slipped to N1,365.69 per dollar on Friday, falling from the N1,364.88 rate observed on Thursday.
This represents a daily devaluation of N0.81. Conversely, the unofficial parallel market maintained stability, with the exchange rate holding steady at N1,430 per dollar on Friday, mirroring the previous day’s performance.
In other financial news, Nigeria’s foreign reserves saw an increase, reaching $52.03 billion as of Thursday, August 6, 2026. Despite this growth in reserves, the Naira saw more losses than recovery throughout the week. Weekly data indicates that the currency depreciated by N2.53 in the official market and N5 in the parallel market compared to the prior week.
