Naira Slides to Two-Month Low Despite Rising Foreign Reserves

|By Babatunji Wusu

The Naira fell to a two-month low on Wednesday, weakening further against the United States Dollar at the official foreign exchange market. Fresh data from the Central Bank of Nigeria (CBN) showed the currency dropped to N1,455.38/$1, down from N1,454.38/$1 recorded on Tuesday.

The latest movement means the Naira lost N1 in a single day.

At the parallel (black) market, the currency held steady at N1,490/$1, the same rate traded on Tuesday.

So far this week, the Naira has shed N3.517 at the official window, sliding to its weakest level since October 10, 2025.

The decline comes despite a steady rise in Nigeria’s foreign reserves, which climbed to $45.38 billion as of December 9, according to CBN figures.