Business
Naira Weakens Again Despite Rise in External Reserves
The Naira continued its downward trend against the US dollar on Wednesday at the official foreign exchange market, marking the second decline this week, even as Nigeria’s external reserves showed continued growth.
According to data from the Central Bank of Nigeria (CBN), the Naira depreciated to N1,534.44 per dollar, down from N1,533.10 on Tuesday, reflecting a daily loss of N1.34.
In the parallel market, the exchange rate remained unchanged, with the Naira trading at N1,565 per dollar for the second consecutive day.
This latest dip in the official rate comes despite a steady increase in the country’s external reserves, which rose to $39.81 billion as of August 4, 2025—up from $39.54 billion at the beginning of the month.
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