The naira extended its depreciation against the US dollar at the official foreign exchange market.
Data from the Central Bank of Nigeria, CBN, showed that the local currency further dropped to N1,364.88 per dollar on Thursday, down from N1,363.85 traded on Wednesday.
This means that at the official foreign exchange market, the naira weakened by N1.03 against the dollar on a day-to-day basis.
Similarly, at the black market, the naira also depreciated by N6 to N1,430 per dollar on Thursday, down from N1,424 traded the previous day.
The development comes despite a surge in the country’s external reserves, which hit the $52.01 billion mark on August 5, 2026.
Recall that on Wednesday, the naira recorded mixed performances across the official and parallel market.
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