The naira weakened further against the US dollar on Thursday in both Nigeria’s official foreign-exchange market and the parallel market, despite a sharp rise in the country’s external reserves.
Currency-market movements
- On Wednesday, the naira showed divergent results between the official and parallel foreign-exchange markets.
- By Thursday, Central Bank of Nigeria figures put the official exchange rate at N1,364.88 per dollar, compared with N1,363.85 the previous day. The move represented a N1.03 daily loss for the naira.
- Trading in the parallel market also moved against the currency. The naira fell by N6 to N1,430 per dollar, from N1,424 on Wednesday.
- The latest declines came even as Nigeria’s external reserves climbed to $52.01 billion on August 5, 2026.
