Naira Slips to N1,332.10/$ at Official Market as External Reserves Hit $55.05bn

The naira extended its depreciation against the dollar at the official foreign exchange market on Thursday, closing at N1,332.10 per dollar.

Central Bank of Nigeria data showed the currency weakened from N1,331.77 per dollar on Wednesday. On a day-to-day basis, that is a decline of N0.33 against the dollar.

Black market holds steady

The parallel market told a different story. The naira remained flat at N1,385 per dollar on Thursday, the same rate traded on Wednesday.

That leaves a gap of about N53 between the official window and the street market.

Reserves keep climbing

The mixed performance came despite the continued surge in the country's external reserves. Apex bank data put the reserves at $55.05 billion as of October 7, 2026.

The reserves have been rising steadily, but the naira has not followed. That disconnect is the core of the current FX story.

The picture on Wednesday was worse. The naira depreciated across both the official and black foreign exchange markets that day, before the parallel market found its footing on Thursday.

What it means for Nigerian businesses

For importers and manufacturers sourcing raw materials abroad, the official rate remains the reference point for bids and Form M documentation. A weaker close, even by a fraction of a naira, feeds into landed cost estimates.

For consumers, the parallel market rate is the one that shows up in prices of goods and services. With that rate stuck at N1,385, there is little relief on the horizon for imported items.

The gap between the two markets also keeps arbitrage pressure alive, a recurring headache for the CBN as it manages liquidity across the windows.