Business
Naira loses ground to dollar
The Naira slipped further against the US dollar in the official foreign exchange market on Wednesday.
Figures from the Central Bank of Nigeria revealed that the local currency closed at ₦1,494.03 per dollar, compared to ₦1,484.14 recorded on Tuesday, marking a daily decline of ₦9.89.
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In the parallel (black) market, however, the exchange rate held steady at ₦1,537 per dollar, unchanged from the previous day.
This slight setback followed Tuesday’s rally, when the Naira hit its strongest level in seven months and posted its biggest single-day gain in the official window.
Meanwhile, the apex bank also reported a continued build-up in Nigeria’s external reserves, which rose to $41.89 billion as of September 16, 2025.
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