Naira Weakens for Third Straight Day Against US Dollar at Official Market

The Nigerian Naira extended its losing streak against the United States dollar on Wednesday, marking three consecutive days of depreciation at the official foreign exchange market.

Data from the Central Bank of Nigeria revealed that the local currency slipped further to N1,356.11 per dollar on Wednesday, down from N1,355.37 recorded on Tuesday. This represents a day-to-day decline of N0.74.

The sustained pressure on the Naira comes despite the continued surge in the nation's foreign reserves, which climbed to $49.39 billion as of February 24, 2026.

Over the past three trading days, the Naira has cumulatively weakened by N6.87 against the dollar at the official window following the apex bank's intervention to mop up foreign exchange from the market.

The depreciation trend was also evident at the parallel market, where the Naira dipped by N5 to trade at N1,375 per dollar on Wednesday, compared to N1,370 the previous day.

Currency traders and market analysts are closely monitoring the CBN's foreign exchange management strategies as the divergence between official and parallel market rates continues to raise concerns about exchange rate stability.