The Naira has recorded a three-day consecutive depreciation against the dollar at the official and parallel markets despite a surge in Nigeria’s foreign reserves to $49.39 billion.
The Naira on Wednesday extended its losing streak to three consecutive days against the United States dollar at the official foreign exchange market. Data from the Central Bank of Nigeria showed the local currency weakened further to N1,356.11 per dollar on Wednesday, compared to N1,355.37 traded on Tuesday, representing a day-to-day decline of N0.74.
DAILY POST reports that over the last three days, the Naira has depreciated by N6.87 following the apex bank’s move to mop up foreign exchange from the market. The sustained pressure reflects ongoing volatility in the forex segment despite regulatory interventions aimed at stabilising the currency.
At the parallel market, commonly referred to as the black market, the Naira also depreciated by N5 to trade at N1,375 per dollar on Wednesday, from N1,370 recorded the previous day. The development comes even as Nigeria’s foreign reserves continued to rise, hitting $49.39 billion as of February 24, 2026.
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