Business
Naira Hits Two-Month Low Against US Dollar Despite Rising Reserves
The Naira fell to a two-month low against the US dollar on Wednesday at the official foreign exchange market. Data from the Central Bank of Nigeria showed the currency weakened to N1,455.38 per dollar, down from N1,454.38 on Tuesday, marking a one-naira decline in a single day.
In the black market, however, the Naira held steady at N1,490 per dollar, unchanged from the previous day. Over the past three days, the official exchange rate has dropped by N3.52, reaching a level not seen since October 10, 2025.
The decline comes even as Nigeria’s foreign reserves continue to grow, rising to $45.38 billion as of December 9.
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