Naira Continues to Depreciate Against Dollar Despite Rise in Nigeria’s Foreign Reserves

The Naira continued its decline against the US dollar on Tuesday at the official foreign exchange market, even as Nigeria’s foreign reserves showed an upward trend. Data from the Central Bank of Nigeria revealed that the Naira weakened to N1,454.38 per dollar, down from N1,451.86 on Monday, marking a daily loss of N2.52 per dollar.

At the parallel market, the Naira held steady at N1,490 per dollar, unchanged from the previous day, according to several Bureau De Change operators in Wuse Zone 4, Abuja.

The depreciation comes amid a rising stock of foreign reserves, which reached $45.32 billion as of December 8. Recently, the Central Bank granted full operating licenses to 82 BDC operators across the country, a move aimed at improving liquidity and stability in the foreign exchange market.