The Nigerian naira depreciated against the United States dollar at the official foreign exchange market on Wednesday, ending its two-day appreciation streak.
According to data released by the Central Bank of Nigeria (CBN), the naira weakened to N1,363.85 per dollar on Wednesday, compared to N1,362.55 per dollar recorded on Tuesday.
This represents a day-to-day depreciation of N1.30 against the US dollar at the official market.
However, the local currency posted a marginal gain at the parallel market, appreciating by N1 to N1,424 per dollar on Wednesday from N1,425 per dollar traded the previous day.
Meanwhile, Nigeria’s external reserves remained unchanged at $51.95 billion as of August 4, 2026, according to the latest figures from the Central Bank of Nigeria.
The latest development comes after the naira recorded consecutive gains against the dollar at the official foreign exchange market on Monday and Tuesday, while the exchange rate at the parallel market remained unchanged during the same period
