The naira on Wednesday weakened to a two-month low against the dollar in the official foreign exchange (FX) market, despite rising market liquidity and growing external reserves, reflecting an increase in the demand for the greenback.
Data published by the Central Bank of Nigeria (CBN) showed that the naira depreciated by N9.44, with the dollar quoted at N1,380.08 on Wednesday, representing a 0.68 percent decline from N1,370.64 recorded on Tuesday at the Nigerian Foreign Exchange Market (NFEM).
The last time the naira traded at a similar level was on April 28, 2026, when it closed at N1,380.71 per dollar.
Although NFEM deals and turnover figures for Wednesday were not available at the time of reporting, market activity remained robust. The number of deals executed on Tuesday increased by 10.34 percent to 320 from 290 recorded on Monday.
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