Victor EzejaThe Nigerian naira continued to decline against the United States dollar at the official foreign exchange market on Wednesday, 6 August 2025, marking the second depreciation this week.
The Central Bank of Nigeria (CBN) data show that the naira dropped to ₦1,534.44 per dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM), reflecting a day-on-day loss of ₦1.34 when compared to Tuesday’s rate of ₦1,533.10.
Join our WhatsApp ChannelAccording to the CBN data, the Naira traded within a range of ₦1,537.25 and ₦1,528 at the official window on Wednesday.
At the parallel (black) market, the local currency remained stable at ₦1,565 per dollar, the same rate recorded the previous day.
This comes despite a steady increase in Nigeria’s external reserves. According to the CBN data, the foreign reserves stood at $39.814 billion as of 4 August 2025, indicating an increase of $271 million from $39.543 billion at the beginning of the month.
