The Naira weakened against the US dollar across foreign exchange markets on Thursday, April 23, 2026, erasing previous gains. According to the Central Bank of Nigeria's data, the currency closed at N1,353.91 per dollar, down from N1,348.45 the previous day, marking a decline of N5.46. This depreciation occurred despite a brief recovery recorded on Wednesday. In the parallel market, the Naira performed worse, with traders in Wuse Zone 4, Abuja, quoting a rate of N1,426 per dollar, up from N1,400 on Wednesday. Abubakar Hassan, a Bureau De Change operator in the area, confirmed the increased dollar demand driving the shift. The weakening coincides with a drop in the country's external reserves, which stood at $48.48 billion as of March 22, 2026, according to the Central Bank.
The Central Bank reports falling reserves while announcing another Naira depreciation, yet offers no explanation for the link between the two. Nigerians holding savings in Naira face further erosion of value without clarity on how reserves are being managed. The gap between official and parallel market rates also widens, deepening uncertainty for businesses and individuals relying on foreign exchange. This disconnect leaves citizens navigating worsening conditions with little transparency.
💡 NaijaBuzz is an AI-assisted news aggregator. This content is curated from third-party sources — NaijaBuzz is not the original publisher and is not responsible for the accuracy of source reporting. The NaijaBuzz Take is AI-assisted editorial opinion only, not established fact. All persons mentioned are presumed innocent until proven guilty by a court of competent jurisdiction. NaijaBuzz does not endorse the views expressed in source articles.
