Nigeria’s currency continued its downward trend on Wednesday, marking the ninth consecutive day of depreciation against the United States dollar at the official foreign exchange market.
Data released by the Central Bank of Nigeria showed that the naira weakened further to N1,387.09 per dollar, compared with N1,384.29 recorded on Tuesday. The latest figure represents a day-to-day decline of N2.80, reflecting continued pressure on the local currency in the official market.
The prolonged slide highlights a broader pattern that has unfolded in recent days. Since February 23, 2026—when the naira began its current streak of losses—the currency has depreciated by about N37.85 against the dollar at the official window.
While the official rate has continued to weaken, movements in the parallel market have been relatively stable. Checks with several Bureau de Change operators in Abuja indicated that the naira traded around N1,390 per dollar at the black market on Wednesday. The rate has remained largely unchanged in recent days, though it represents a slight depreciation compared with the N1,370 per dollar recorded about nine days ago.
Despite the pressure on the currency, Nigeria’s external reserves have continued to rise. Latest figures indicate that the country’s foreign reserves climbed to approximately $49.88 billion as of March 3, 2026.
The increase in reserves could provide some support for the foreign exchange market in the coming weeks, although analysts say sustained stability will depend on factors such as dollar inflows, investor confidence, and ongoing monetary policy measures by the Central Bank.