Business
Naira Falls for Second Day Against US Dollar Despite Rising Reserves
The Naira experienced a second consecutive decline against the US dollar at the official foreign exchange market on Thursday. Data from the Central Bank of Nigeria showed the currency fell to N1,498.98 per dollar, down from N1,494.03 recorded on Wednesday, representing a daily loss of N4.45. Over the past two days, the Naira has dropped by a total of N14.84 against the dollar and other foreign currencies.
At the black market, the Naira held steady at N1,537 per dollar, unchanged from Wednesday’s rate. The depreciation comes despite a rise in Nigeria’s external reserves, which stood at $41.95 billion as of September 17, 2025.
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