On Wednesday, the Naira experienced another decline against the dollar in the official foreign exchange market, marking its second depreciation this week, even as Nigeria’s external reserves increased. According to data from the Central Bank of Nigeria, the Naira continued to lose value. On Wednesday, the Naira was exchanged at N 1,534.44 per dollar, a decrease from N 1,533.10 the previous day, reflecting a decline of N1.34 within a single day. In contrast, the black market rate for the Naira remained stable at N 1,565 per dollar, unchanged from Tuesday. This situation arises despite the ongoing increase in Nigeria’s external reserves, which reached $39.81 billion by August 4th, 2025, up from $39.54 billion at the beginning of the month.
