MARKET NEWS

The naira weakened against the United States dollar at the official foreign exchange market, losing N27.12 in two days despite Nigeria’s external reserves standing at $55.16 billion.

Data from the Central Bank of Nigeria (CBN) showed that the naira fell to N1,361.84 per dollar on Friday from N1,334.72 on Wednesday.

This represents a loss of N27.12, or 2.03 per cent, within two days.

The naira also recorded a similar decline of N27.12 against the dollar during the week at the official foreign exchange market.

At the parallel market, the naira also weakened, losing N5 to trade at N1,375 per dollar.

Several Bureau de Change operators confirmed the parallel market exchange rate.

The decline in the value of the naira came despite Nigeria’s external reserves rising to or standing at $55.16 billion as of October 22, 2026, according to CBN data.

External reserves are foreign currencies and other assets held by a country’s central bank. They help support international payments and can be used to manage pressure on the local currency.

Despite the size of Nigeria’s reserves, the latest figures show that the naira continued to lose value against the dollar in both the official and parallel markets.