Naira Extends Losing Streak, Weakens for Ninth Straight Day at Official Market

|By Babatunji Wusu

The Nigerian naira has extended its losing streak, depreciating for the ninth consecutive day against the United States dollar at the official foreign exchange market.

Data released by the Central Bank of Nigeria showed that the naira weakened further on Wednesday, closing at N1,387.09 per dollar, compared with N1,384.29 recorded on Tuesday.

The latest figure represents a day-to-day decline of N2.8, continuing the currency’s downward trend.

Since February 23, 2026, when the depreciation streak began, the naira has lost N37.85 at the official market.

At the parallel market, however, the naira remained stable at N1,390 per dollar, according to multiple Bureau de Change operators in Abuja. The rate represents a marginal shift from the N1,370 per dollar recorded nine days earlier.

Meanwhile, Nigeria’s external reserves have continued to grow. Latest figures show the reserves rose to 49.88 billion dollars as of March 3, 2026, indicating a slight increase in the country’s foreign currency buffer.

The development comes amid ongoing efforts by the Central Bank of Nigeria to stabilise the foreign exchange market and strengthen the national currency.