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The Naira continued its downward trend against the US dollar at the official foreign exchange market on Wednesday, marking the second depreciation this week, even as Nigeria’s external reserves rose.
According to data from the Central Bank of Nigeria, the Naira weakened further to ₦1,534.44 per dollar, compared to ₦1,533.10 recorded on Tuesday—reflecting a daily loss of ₦1.34.
In contrast, the parallel market saw no movement, with the Nigerian currency holding steady at ₦1,565 to the dollar, the same rate as the previous day.
This comes despite a steady increase in the country’s external reserves, which climbed to $39.81 billion on August 4, 2025, up from $39.54 billion at the beginning of the month.
