The naira depreciated against the dollar at the official foreign exchange market on Wednesday.

The Central Bank of Nigeria’s data showed that the Naira weakened on Wednesday against the dollar to N1,420.04, down from N1,419.66 traded on Tuesday.

This means that the Naira dipped by N0.38 against the dollar on a day-to-day basis. Ugamatv reports that Wednesday’s depreciation against the dollar is the first this week.

Meanwhile, at the black market, the Naira remained flat at N1,490 per dollar on Wednesday, the same exchange rate as the previous day.

The development comes despite the continued rise in the country’s foreign reserves, which stood at $45.74 billion as of 12th January 2026, according to the apex bank data.

Recall that the Naira had two consecutive days of appreciation against the dollar at the official foreign exchange market on Monday and Tuesday.