Naira Depreciates by N1.49 at Official Market, Stable at Black Market

The naira recorded a slight depreciation against the dollar at the official foreign exchange market on Thursday. Data from the Central Bank of Nigeria showed the naira weakened to N1,358.75 per dollar from N1,357.26 traded on Wednesday. That represents a drop of N1.49 on a day-to-day basis.

This is the first decline for the Nigerian currency since the start of the week. At the black market, the naira remained stable at N1,395 per dollar on Thursday, unchanged from Wednesday's rate.

The development comes as the country's foreign reserves continue to surge. Reserves stood at $49.96 billion as of June 3, 2026.