The naira on Thursday recorded its first depreciation against the United States dollar in the official foreign exchange market in 2026, ending a week-long rally.
Data from the Central Bank of Nigeria (CBN) showed that the local currency weakened slightly to N1,419.72 per dollar on Thursday, compared with N1,418.26 recorded on Wednesday. This represents a day-on-day loss of N1.46, the naira’s first decline this year at the official window.
The currency also depreciated at the parallel market, where it fell by N10 to trade at N1,490 per dollar on Thursday, down from N1,480 the previous day.
The dip comes despite Nigeria’s foreign reserves continuing their upward trend, rising to $45.64 billion as of Wednesday, January 7, 2026.
Nigerian Newssphere reports that before Thursday’s setback, the naira had enjoyed a seven-day run of gains at the official foreign exchange market.
