The Nigerian currency, the Nigerian Naira, recorded its first decline against the US dollar at the official foreign exchange window on Wednesday, bringing an end to an eight-day streak of sustained gains.
According to figures released by the Central Bank of Nigeria, the naira depreciated to ₦1,353.90 per dollar, down from ₦1,344.4158 recorded in the previous trading session. This reflects a day-on-day loss of ₦9.48 at the official market.
In contrast, the local currency showed a stronger performance in the parallel market, commonly referred to as the black market. Here, the naira appreciated by ₦10, trading at ₦1,420 per dollar compared to ₦1,430 the day before.
Despite the recent dip at the official window, the naira had posted a notable rally since March 9, gaining approximately ₦51.72 against the dollar over the period, signaling a short-term recovery trend prior to Wednesday’s reversal.
Meanwhile, Nigeria’s external reserves remain relatively stable but slightly below a key benchmark. Data from the apex bank indicates that the country’s reserves stood at $49.83 billion as of March 17, 2026 just shy of the $50 billion threshold.
Market analysts say movements in the exchange rate continue to reflect underlying pressures in the foreign exchange market, including demand-supply dynamics, investor confidence, and liquidity conditions, even as authorities push for greater stability in the naira.