The Nigerian naira on Thursday extended its decline against the United States dollar at the official foreign exchange market, despite a marginal increase in the country’s foreign reserves.
Data from the Central Bank of Nigeria (CBN) showed that the naira depreciated to N1,422.07 per dollar on Thursday, compared to N1,420.69 recorded on Wednesday.
This represents a day-on-day loss of N1.34 against the dollar.
SOCIETYGIST reports that the naira has now recorded losses against the greenback on Monday, Wednesday, and Thursday this week, reflecting sustained pressure on the local currency at the official window.
Meanwhile, the naira remained unchanged at the parallel market, trading at N1,490 per dollar on Thursday, the same rate recorded the previous day.
The continued depreciation comes even as Nigeria’s foreign exchange reserves showed a slight improvement. According to data from the apex bank, the country’s reserves rose to $45.99 billion as of January 21, 2026, from $45.95 billion on January 19.
Economic analysts continue to monitor developments in the forex market amid expectations of further policy interventions by monetary authorities.
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