The naira suffered a drop again on Thursday, thereby, extending its losing run against the dollar for the third consecutive day this week at the official foreign exchange market.
According to data from the Central Bank of Nigeria (CBN), the naira had weakened slightly on Wednesday, trading at ₦1,535.61 per dollar, suffering a drop from ₦1,535.24 which it recorded on Tuesday.
“This reflects a marginal depreciation of 0.37 naira in day-to-day performance.
Between Monday and Wednesday, the naira has fallen by a total of ₦3.07 at the official market,” the CBN report read.
“On the parallel market, however, the naira held steady, exchanging at ₦1,540 per dollar on Wednesday, the same rate quoted by most Bureau De Change operators in Abuja’s Wuse Zone 4.”
Olayemi Cardoso, the CBN Governor, in his post-Monetary Policy Committee (MPC) briefing following the 301st meeting this week, however, disclosed that Nigeria’s external reserves stood at $40.1 billion as of July 18, 2025.
The CBN in the data published on its website on Thursday, however, showed that the reserves had declined to $38.37 billion by July 22, 2025.
