The naira extended its depreciation against the United States dollar at the official foreign exchange market on Wednesday.
Central Bank of Nigeria, CBN, foreign exchange data showed that the Nigerian naira weakened further to N1,329.86 per dollar on Wednesday, from N1,329.15 on Tuesday.
This means that, on a day-to-day basis, the naira declined slightly by N0.71 against the dollar at the official FX market.
Meanwhile, at the black market, the naira remained flat at N1,390 per dollar, the same rate recorded since Monday.
The development comes as the country’s external reserves stood at $54.61 billion as of September 14, 2026, according to data from the apex bank.
DAILY POST reports that the naira declined against the USD for the first time on Tuesday.
The depreciation of the Nigerian naira comes as the US Federal Reserve raised interest rates by 25 basis points for the first time since 2023.
