Nigeria’s currency continued its downward movement on Thursday as the naira depreciated further against the United States dollar at the official foreign exchange market.
Data released by the Central Bank of Nigeria showed that the naira weakened to N1,359.81 per dollar on Thursday, compared to N1,356.11 recorded on Wednesday. This represents a day-on-day decline of N3.69 at the official window.
At the parallel market, however, the naira remained stable, trading at N1,375 per dollar, the same rate as the previous day.
The latest drop means the naira has now sustained a four-day losing streak at the official market, raising fresh concerns among traders and importers.
Interestingly, the depreciation comes despite a steady increase in Nigeria’s external reserves.
Figures from the apex bank indicate that the country’s foreign reserves rose to $49.51 billion as of February 25, 2026, up from $49.39 billion recorded a day earlier.
Market analysts say the divergence between rising reserves and a weakening currency may be linked to persistent demand pressure in the forex market and broader economic fundamentals.
