The Nigerian Naira continued its slide against the US dollar on Thursday, marking the second day in a row of depreciation in the official foreign exchange market.

According to figures from the Central Bank of Nigeria (CBN), the Naira closed at ₦1,498.98 per dollar, weaker than Wednesday’s rate of ₦1,494.03. This represents a daily drop of ₦4.45. In just two days, the local currency has lost ₦14.84 against the dollar and other foreign currencies.

However, at the parallel (black) market, the Naira held steady, exchanging at ₦1,537 per dollar, the same rate as Wednesday. Despite the pressure on the local currency, Nigeria’s external reserves continued to grow, standing at $41.95 billion as of September 17, 2025.

The currency movement reflects the ongoing volatility in Nigeria’s forex market, even as rising reserves signal some level of buffer for the economy. Traders and analysts will be watching closely to see if the Naira can stabilize in the coming days.