The naira on Thursday recorded its first depreciation against the United States dollar in the official foreign exchange market in 2026, ending its recent streak of gains.
Data from the Central Bank of Nigeria (CBN) showed that the local currency weakened to ₦1,419.72 per dollar on Thursday, compared with ₦1,418.26 recorded on Wednesday. This represents a day-on-day drop of ₦1.46, marking the naira’s first decline this year.
At the parallel market, the naira also fell by ₦10, trading at ₦1,490 per dollar on Thursday, down from ₦1,480 the previous day.
The depreciation occurred despite a steady increase in Nigeria’s foreign reserves, which rose to $45.64 billion as of Wednesday, January 7, 2026.
The naira had enjoyed a seven-day run of appreciation at the official foreign exchange market before Thursday’s setback.
“Sir Bartholomew White Ebe is a Lagos-based media personality, Music Artist, Producer, and a Relationship Coach and independent journalist. With over seven years of experience tracking political developments and cultural shifts in Nigeria, he specializes in local current affairs, grassroots politics, and community-driven reporting across Lagos State. As the founder and chief editor of Snow Multimedia Connect {SNOW TV}, he leads the editorial team to deliver verified, high-impact stories to digital audiences.”
Email: snowmediaconnect@gmail.com
