Currency weakens to N1,423/$ as external reserves climb to $45.67bn
The naira weakened further against the United States dollar on Friday, recording its steepest single-day depreciation of the week at the official foreign exchange market and closing the trading week on a negative note.
Figures published by the Central Bank of Nigeria (CBN) show that the local currency depreciated to N1,423.17 per dollar on Friday, compared to N1,419.72 per dollar recorded the previous day.
This represents a day-on-day loss of N3.45, marking the largest depreciation recorded during the week and the most significant single-day decline so far in 2026.
In contrast, the naira remained stable at the parallel market, where it traded at N1,490 per dollar, unchanged from Thursday’s closing rate.
Market data indicate that the currency experienced a mixed performance over the course of the week, posting three days of appreciation and two days of depreciation against the dollar and other major currencies.
The latest movement comes amid a continued build-up in Nigeria’s external reserves. Data show that the country’s reserves rose to $45.67 billion as of January 8, 2026, offering some buffer against external shocks despite the recent pressure on the naira.
Currency analysts say movements at the official market continue to reflect demand pressures, liquidity conditions, and ongoing adjustments within the foreign exchange framework.
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