The Naira on Wednesday recorded its third straight loss against the United States dollar at the official foreign exchange market, even though Nigeria’s external reserves have risen to $41 billion.
Data from the Central Bank of Nigeria showed that the Naira closed at ₦1,536.73 per dollar, weaker than the ₦1,534.93 rate recorded on Tuesday. This means the currency dropped by another ₦1.8 in just one day.
This latest fall marks the third consecutive depreciation since Monday, August 18, 2025, showing the continued pressure on the local currency.
At the parallel market, however, the Naira stayed unchanged at ₦1,550 per dollar on Wednesday, the same rate recorded the previous day. A Bureau de Change operator in Wuse Zone 2, Abuja, Abubakar Alhasan, confirmed that they buy at ₦1,540 and sell at ₦1,550 per dollar.
Despite the depreciation, Nigeria’s foreign reserves recorded an increase, climbing to $41 billion as of Tuesday, August 19, 2025, compared to $40.96 billion on Monday.
