Nigeria’s national currency, the naira, extended its losing streak on Friday after recording its fifth consecutive day of depreciation against the United States dollar, highlighting persistent pressure on Africa’s largest economy.
According to data released by the Central Bank of Nigeria (CBN), the naira closed at N1,368.22 per US dollar at the official foreign exchange market, compared with N1,366.73 recorded on Thursday. This represents a daily loss of N1.49 against the dollar.
The decline was also reflected in the parallel, or black market, where the naira weakened further to N1,425 per dollar, down from N1,418 the previous day.
Over the course of the week, the Nigerian currency lost N6.13 at the official market and N15 at the parallel market, underscoring continued volatility in the country’s foreign exchange sector.
Despite the depreciation, Nigeria’s external reserves remained relatively strong, standing at $51.92 billion as of July 30, 2026. The reserves are expected to provide some support for the country’s foreign exchange market, although analysts say broader economic reforms and increased foreign currency inflows will be crucial to stabilising the naira.
The latest decline comes as businesses, investors and consumers continue to monitor the performance of the Nigerian currency, with exchange rate movements playing a significant role in inflation, import costs and overall economic confidence.
Nigeria’s foreign exchange market has experienced notable fluctuations in recent months as authorities pursue reforms aimed at improving liquidity, attracting investment and strengthening the economy. However, the continued depreciation of the naira remains a major concern for businesses and households facing rising costs.
