The naira slid against the US dollar at the official foreign exchange market on Wednesday.
According to data from the Central Bank of Nigeria (CBN), the naira fell to ₦1,420.04 per dollar, down from ₦1,419.66 recorded on Tuesday, marking a daily depreciation of ₦0.38.
Reports that this is the first decline against the dollar this week.
In the parallel market, however, the naira remained stable at ₦1,490 per dollar, unchanged from the previous day.
The depreciation comes despite Nigeria’s foreign reserves continuing to rise, reaching $45.74 billion as of January 12, 2026, according to the CBN.
Prior to Wednesday, the naira had recorded two consecutive days of gains against the dollar in the official market on Monday and Tuesday.