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

The naira recorded a significant loss of N27.12 against the United States dollar in two days at the official foreign exchange market.

Central Bank of Nigeria, CBN, data for Thursday and Friday showed that the naira depreciated to N1,361.84 per dollar on Friday from N1,334.72 traded on Wednesday.

This means that the naira shed N27.12 against the dollar over the two-day period, representing a depreciation of 2.03 per cent.

Meanwhile, on a week-on-week basis, the naira depreciated by N27.12 against the dollar in the just-concluded week at the official foreign exchange market.

Similarly, at the parallel market, the naira weakened by N5 to N1,375 per dollar, according to several Bureau de Change operators who confirmed the rate to newsmen.

The naira’s decline across foreign exchange markets came despite the country’s external reserves standing at $55.16 billion, according to CBN data as of 22 October 2026