Naira continues depreciation against Dollar, defies Nigeria’s external reserves rise

The Naira continued depreciation against the dollar at the official foreign market on Wednesday, for the second time this week, despite a rise in Nigeria’s external reserves.

Central Bank of Nigeria exchange data showed that the Naira further weakened to

N 1,534.44 against the dollar on Wednesday, down from N 1,533.10 traded on Tuesday.

This indicates that the country’s currency dropped by N1.34 on a day-to-day basis.

Meanwhile, at the black market, the Naira remained at N1,565 per dollar on Wednesday, the same rate as on Tuesday.

This development comes despite the continued rise in Nigeria’s external reserves, which stood at $39.81 billion as of August 4th, 2025, up from $39.54 billion at the start of the month.

Naira continues depreciation against Dollar, defies Nigeria’s external reserves rise