The Nigerian Naira recorded its second straight depreciation against the US dollar at the official foreign exchange market on Thursday.

According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,498.98 per dollar, compared to ₦1,494.03 on Wednesday. This represents a ₦4.45 drop in value within a single day.

In the last two trading days, the local currency has fallen by a total of ₦14.84 against the dollar and other major foreign currencies.

However, the black market told a different story, with the naira holding steady at ₦1,537 per dollar — the same rate recorded on Wednesday.

Interestingly, this depreciation comes at a time when Nigeria’s external reserves are on the rise. As of September 17, 2025, reserves stood at $41.95 billion, reflecting improved inflows into the economy.

While the steady rise in reserves offers some hope, the back-to-back losses of the naira highlight the continuing pressure on the foreign exchange market, leaving businesses and consumers on edge.