Naira Slides Again at Official FX Window Despite Rising External Reserves

|By Babatunji Wusu

The Nigerian naira extended its losing streak against the United States dollar on Thursday, depreciating further at the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN).

CBN figures showed that the local currency weakened to N1,422.07 per dollar on Thursday, compared with N1,420.69 recorded on Wednesday. This represents a day-on-day decline of N1.34, underscoring sustained pressure on the naira at the official window.

The latest drop confirms a pattern of weakness this week, with the naira also losing ground against the dollar on Monday and Wednesday.

In contrast, the currency held steady at the parallel market, where it exchanged at N1,490 per dollar on Thursday, unchanged from the rate recorded the previous day.

The depreciation comes despite an improvement in Nigeria’s external reserves. Data from the apex bank showed that foreign reserves rose to $45.99 billion as of January 21, 2026, up from $45.95 billion on January 19, indicating a modest but continued build-up.