Naira Depreciates Further Against Dollar

The Nigerian naira continued its downward trend against the United States dollar at the official foreign exchange market on Thursday. According to data from the Central Bank of Nigeria, the naira weakened to N1,422.07 per dollar, a decline from N1,420.69 on Wednesday. This represents a day-to-day loss of N1.34 per dollar.

The naira’s depreciation against the dollar has been a recurring theme this week, with the currency falling on Monday, Wednesday, and Thursday. In contrast, the black market exchange rate remained stable at N1,490 per dollar on Thursday, unchanged from the previous day.

Nigeria’s foreign reserves have been on an upward trajectory, reaching $45.99 billion as of January 21, 2026, up from $45.95 billion on January 19, according to the Central Bank of Nigeria. This increase in foreign reserves is notable, given the naira’s recent performance against the dollar.

The Nigerian economy has been facing challenges in recent times, including a significant decline in crude oil prices, which has impacted the country’s revenue. The Central Bank of Nigeria has been implementing various measures to stabilize the currency and boost economic growth.

The continued depreciation of the naira against the dollar may have implications for Nigeria’s trade balance and inflation rate. As the country’s economy continues to evolve, it is essential to monitor the foreign exchange market and the Central Bank’s policy decisions.

The rise in foreign reserves is a positive development, which could help to stabilize the naira and support economic growth. However, the naira’s performance against the dollar will likely remain a key area of focus for investors, policymakers, and stakeholders in the coming days. As the situation unfolds, it will be crucial to track the Central Bank’s response and its impact on the Nigerian economy.