Naira depreciates against dollar in black market – Today’s exchange rate

The naira weakened for the third consecutive day, closing at ₦1,473.29/$ on Wednesday, according to data from the Central Bank of Nigeria (CBN).

At the official Nigerian Foreign Exchange Market, the local currency began the week trading at ₦1,457.51/$, slipped to ₦1,463.23/$ on Tuesday, and further declined by ₦10.06 or 0.69 per cent on Wednesday.

In the parallel (black) market, however, the naira showed slight resilience. After closing at ₦1,500/$ on Tuesday, it appreciated marginally to ₦1,488/$ on Wednesday, according to data from CardinalStone.

Experts at Cowry Assets Management Limited attributed the currency’s decline to weakened investor appetite and limited dollar inflows. The depreciation comes barely a week after the naira hit a 10-month high of ₦1,455.17/$, its strongest level since December 2024.

Analysts had previously projected stability for the naira, citing anticipated interventions from the CBN and increased foreign inflows. However, Cowry Assets warned in its weekly report that “rising import demand or weaker dollar inflows could slow further gains,” adding that global oil market volatility may also weigh on investor sentiment.

Meanwhile, Nigeria’s external reserves have continued to rise steadily, reaching $42.63 billion on Monday, up from $42.59 billion the previous Friday.

Speaking at the G24 media briefing on the sidelines of the IMF/World Bank Annual Meetings in Washington, CBN Governor Olayemi Cardoso noted that the naira has become “more competitive” following recent reforms.

He said the central bank’s efforts have helped create “resilience and buffers against potential shocks,” adding that “a competitive currency is helping drive Nigeria’s ongoing economic transformation.”