The Nigerian local currency has recorded its third consecutive depreciation against the dollar at the official foreign exchange market despite the country’s external reserves rising to $41 billion.
Central Bank of Nigeria exchange data showed that the Naira further weakened to N1,536.73 per dollar on Wednesday from N1,534.93 traded the previous day.
This means that the nation’s currency again dipped by N1.8 against the dollar on a day-to-day basis.
This is the third time the Nigerian local currency has dropped against the dollar this week since Monday, 18 August 2025.
