Naira slides against Dollar third day despite external reserves boost

The Naira on Wednesday recorded its third consecutive depreciation against the United States dollar at the official foreign exchange market, even as Nigeria’s external reserves rose to $41 billion.

Data from the Central Bank of Nigeria (CBN) showed that the Naira closed at N1,536.73 per dollar, weakening further from ₦1,534.93 traded on Tuesday. The development reflects a day-to-day depreciation of N1.80.

READ ALSO: Naira weakens slightly to N1,535.9/$ as dollar gains globally

This marks the third straight decline since Monday, August 18, 2025, underscoring renewed pressure on the local currency despite stronger foreign reserves.

At the parallel market, however, the exchange rate remained stable. Traders quoted the Naira at N1,550 per dollar on Wednesday, unchanged from the previous day.

“We buy at ₦1,540 per dollar and sell at N1,550,” a Bureau de Change (BDC) operator in Wuse Zone 2, Abuja, Abubakar Alhasan, told Daily Post.

Meanwhile, figures from the CBN revealed that the country’s external reserves climbed to $41 billion on Tuesday, August 19, 2025, up from $40.96 billion recorded the day before.

Analysts say the trend highlights the paradox of a stronger reserve base failing to translate into short-term currency stability at the official window, as demand for dollars continues to outstrip supply.