Nigerian Naira records first depreciation against US dollar after eight-day rally

The Nigerian Naira on Wednesday recorded its first depreciation against the dollar at the official foreign exchange market after eight days of rally.

Data from the Central Bank of Nigeria showed that the Naira dropped to N1,353.90 per dollar on Wednesday from N1,344.4158.

This means that the local currency weakened by N9.48 against the dollar on a day-to-day basis.

Meanwhile, at the black market, the Naira appreciated by N10 to N1,420 per dollar on Wednesday from N1,430 traded the previous day.

DAILY POST reports that the Naira, in its rally since March 9, gained N51.72 against the dollar.

The development comes as the country’s external reserves stood at $49.83 billion as of March 17, 2026, slightly below the $50 billion mark, according to the apex bank.

Nigerian Naira records first depreciation against US dollar after eight-day rally