The Naira continued its losing streak on Wednesday, recording its third straight depreciation against the US dollar at the official foreign exchange market — even as Nigeria’s external reserves climbed to $41 billion.

According to Central Bank of Nigeria (CBN) data, the local currency traded at ₦1,536.73 per dollar, dropping further from ₦1,534.93 recorded the previous day. This represents a day-to-day dip of ₦1.80.

This marks the third consecutive decline since Monday, August 18, 2025, reflecting sustained pressure on the naira despite improving foreign reserves.

At the parallel (black) market, however, the exchange rate remained stable at ₦1,550 per dollar on Wednesday, the same as Tuesday. Bureau de Change operators in Abuja confirmed they were buying at ₦1,540 and selling at ₦1,550.

The depreciation comes amid renewed optimism about the country’s reserves, which rose from $40.96 billion on Monday to $41 billion by Tuesday, August 19, 2025.

For many Nigerians and businesses, the persistent slide of the naira — despite stronger reserves — raises concerns about the effectiveness of ongoing forex management policies and the sustainability of the current exchange rate framework.