Naira slips to N1,334.72/$ at official market, parallel rate holds at N1,375

The naira depreciated against the United States dollar at the official foreign exchange market on Wednesday, CBN data showed. It weakened to N1,334.72 per dollar from N1,333.65 on Tuesday.

The movement means the naira lost N1.07 against the dollar day-on-day at the official window. The fall followed a slight appreciation at the same market on Tuesday.

Parallel market stays flat

At the parallel market, the naira remained unchanged at N1,375 per dollar on Wednesday. That was the same rate recorded the previous day.

The official rate and parallel market rate therefore still show a gap. The official window closed at N1,334.72 while the parallel market held at N1,375.

Reserves rise to $55.13 billion

The latest movement came as the country's foreign reserves rose further to $55.13 billion, according to CBN data as of October 20, 2026.

The reserve level is one of the key indicators watched in the foreign exchange market. It comes as the naira continues to trade at different levels across the official and parallel markets.

For businesses and consumers, the spread between N1,334.72 and N1,375 still matters for FX access and import costs. The official rate remains the reference for formal transactions, while the parallel market rate reflects the cost of sourcing dollars outside the official window.