Naira falls N27.12 in two days despite $55.16bn reserves

The naira lost N27.12 against the US dollar in two days at the official foreign exchange market, even as Nigeria's external reserves stood at $55.16 billion. CBN data showed the naira closed at N1,361.84 per dollar on Friday, down from N1,334.72 on Wednesday.

The two-day move represents a depreciation of 2.03 per cent. On a week-on-week basis, the naira also weakened by N27.12 against the dollar in the just-concluded week at the official market.

Parallel market also weakens

At the parallel market, the naira weakened by N5 against the dollar. Several Bureau de Change operators confirmed the rate.

The decline came despite the country's external reserves standing at $55.16 billion, according to CBN data as of 22 October 2026.

Reserves fail to halt slide

The figures show the naira came under pressure across both the official and parallel markets in the week. The official rate moved from N1,334.72 on Wednesday to N1,361.84 on Friday, a loss of N27.12 over two trading days.

The external reserves position of $55.16 billion did not prevent the depreciation. The CBN data places the reserves as of 22 October 2026.

What it means

A weaker naira raises the cost of dollar-denominated imports and adds pressure on businesses that rely on imported inputs. Consumers may see the impact through higher prices for imported goods.