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.