The naira extended its depreciation against the dollar at the official foreign exchange market on Thursday ahead of the Democracy Day holiday.
Data from the Central Bank of Nigeria showed that the naira weakened further to N1,363.83 per dollar on Thursday, down from N1,362.05 per dollar on Wednesday.
This means that, on a day-to-day basis, the local currency declined by N1.79 against the dollar.
Meanwhile, at the black market, the naira remained stable at N1,395 per dollar on Thursday, the same rate recorded on Wednesday, Tuesday and Monday this week.
The development comes amid a continued rise in the country’s foreign reserves, which increased to $50.43 billion as of June 10, 2026, up from $50.35 billion recorded the previous day, according to data from the apex bank.
DAILY POST reports that, in recent days, the naira has recorded mixed fortunes of gains and losses in the week under review.
Recall that the Nigerian government declared Friday a public holiday to mark Democracy Day, meaning local currency trading has officially ended for the week.
