The Nigerian naira experienced a decline in value against the United States dollar at the official foreign exchange market on Wednesday, according to data from the Central Bank of Nigeria. The naira exchanged at N1,420.04 to the dollar, representing a decrease from the N1,419.66 rate recorded on Tuesday. This translates to a day-to-day depreciation of N0.38.
This downturn marks the first time the naira has weakened against the dollar this week. Previously, the naira had appreciated against the dollar for two consecutive days, on Monday and Tuesday, at the official foreign exchange market.
In contrast, the black market exchange rate remained unchanged on Wednesday, with the naira still trading at N1,490 to the dollar, the same rate as the previous day. The stability in the black market rate comes despite the country’s foreign reserves continuing to rise, reaching $45.74 billion as of January 12, 2026, based on Central Bank of Nigeria data.
The recent fluctuations in the naira’s value against the dollar are noteworthy, given the country’s efforts to stabilize its currency. The Central Bank of Nigeria has been working to maintain a stable exchange rate and boost the country’s foreign reserves. The rise in foreign reserves is a positive development, as it can help to strengthen the naira and improve the country’s ability to meet its international financial obligations.
The naira’s performance against the dollar is closely watched by investors, businesses, and individuals, as it can have significant implications for the country’s economy. A stable exchange rate can help to promote economic growth, while a volatile exchange rate can create uncertainty and undermine investor confidence. As the Nigerian economy continues to evolve, the performance of the naira against major currencies like the dollar will remain an important indicator of the country’s economic health.
