The Naira depreciated against the US dollar at the official foreign exchange market on Wednesday as the country's external reserves continued to decline.

Data from the Central Bank of Nigeria, CBN, showed that the Naira weakened slightly to N1,347.79 per dollar on Wednesday, compared with N1,346.93 recorded on Tuesday.

This means that, on a day-to-day basis, the Naira depreciated marginally by N0.86 against the dollar at the official foreign exchange market.

Similarly, at the parallel market, the Naira exchanged at N1,400 per dollar on Wednesday, compared with approximately N1,390 recorded the previous day.

This comes as the country's external reserves declined for the second time this week, falling to $55.15 billion on November 3, 2026.

The Naira appreciated at the official foreign exchange market but remained stable at the parallel market on Tuesday.