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On Wednesday, the official foreign exchange market saw a decline in the value of the naira relative to the dollar.

According to data from the Central Bank of Nigeria, the Naira dropped from N1,419.66 on Tuesday to N1,420.04 on Wednesday.

This indicates that on a daily basis, the Naira fell by N0.38 versus the dollar. This week’s initial depreciation versus the dollar occurred on Wednesday.

In the meantime, the Naira held steady at N1,490 to the dollar on the black market on Wednesday, the same exchange rate as the day before.

The development occurs in spite of the nation’s foreign reserves continuing to climb; as of January 12, 2026, they were $45.74 billion, according to figures from the top bank.

Remember that on Monday and Tuesday, the official foreign exchange market saw the Naira appreciate against the dollar for two days in a row.

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