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For the first time since Monday, July 28, 2025, the Naira slipped against the US Dollar at the official foreign exchange market on Wednesday.
Data from the Central Bank of Nigeria (CBN) showed that the Naira dropped from ₦1,533.18 on Tuesday to a weaker position by Wednesday — a daily loss of ₦1.34. This marks the first official dip for the local currency this week.
In contrast, the parallel market remained steady. Traders on Wednesday exchanged the Naira at ₦1,545 to the Dollar — unchanged from the previous day’s rate.
Interestingly, this shift comes at a time when Nigeria’s foreign reserves showed a modest rise. As of 29 July 2025, reserves climbed to $39.27 billion, up from $39.14 billion a day earlier, according to the CBN.
