Business
Naira Falls for Third Straight Time Against Dollar
The naira extended its losing streak on Wednesday, recording a third straight day of depreciation against the U.S. dollar at the official foreign exchange window, even as Nigeria’s external reserves climbed to $41 billion.
Data from the Central Bank of Nigeria (CBN) showed the local currency closed at ₦1,536.73 per dollar, down from ₦1,534.93 on Tuesday. The movement represents a daily loss of ₦1.80 against the greenback.
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This marks the naira’s third consecutive decline since Monday, August 18, 2025.
In contrast, activity at the parallel market showed stability. On Wednesday, the exchange rate held steady at ₦1,550 per dollar, unchanged from the previous day.
“We are buying at ₦1,540 and selling at ₦1,550,” a Bureau de Change operator in Wuse Zone 2, Abuja, Abubakar Alhasan, confirmed.
The depreciation trend comes despite Nigeria’s external reserves increasing to $41 billion on Tuesday, August 19, 2025, slightly higher than the $40.96 billion recorded a day earlier.
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