Naira loses N27.12 against US dollar in two days despite $55.16bn external reserves

The Nigerian naira experienced a noticeable decline against the US dollar over a two-day span in the official foreign exchange market, according to data provided by the Central Bank of Nigeria (CBN). On Friday, the naira's value dropped to N1,361.84 per dollar, marking a decrease of N27.12 from the previous trading day's rate of N1,334.72.

This depreciation translates to a 2.03 per cent reduction in the naira's strength against the dollar. Over the preceding week, the naira continued its downward trend, depreciating by N28.12 against the dollar in the official market. At the parallel market, the naira suffered a further weakening of N5, landing at N1,375 per dollar, as reported by several Bureau de Change operators.

Despite these losses in the foreign exchange markets, the country's external reserves remained substantial at $55.16 billion, as recorded by the CBN as of October 22, 2026.