The naira recorded its first depreciation of the week in the official foreign exchange market, falling to N1,329.21 per dollar on Wednesday from N1,320.25 on Tuesday. Central Bank of Nigeria data confirmed an N8.96 decline, reversing two consecutive days of gains.
Official Window Reverses Course
Wednesday’s drop ended a brief run of appreciation for the local currency. On Monday and Tuesday the naira had strengthened against the dollar at the official window. The N8.96 loss marked the first weakening of the current trading week.
Parallel Market Holds Steady as Reserves Rise
In the parallel market the naira remained unchanged at N1,390 per dollar on Wednesday, the same rate recorded on Tuesday. The stability came as Nigeria’s external reserves climbed further to $54.28 billion on Tuesday.
With the gap between official and parallel rates still wide, market participants will continue to monitor the Central Bank’s next steps. The latest figures leave the naira’s near-term direction under close watch for the remainder of the week.
