Naira depreciation continues with nine consecutive days of decline, hitting N1,387.09 against the dollar amid rising external reserves of $49.88bn

The Naira has depreciated for nine consecutive days against the United States dollar at Nigeria’s official foreign exchange market, data from the Central Bank of Nigeria (CBN) showed on Wednesday, March 3, 2026.

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The local currency weakened to N1,387.09 per dollar, down from N1,384.29 recorded on Tuesday, marking a daily loss of N2.8.

Since February 23, 2026, when the depreciation streak began, the Naira has lost N37.85 at the official market.

In contrast, the Naira remained stable at N1,390 per dollar in the parallel black market, up from N1,370 nine days ago, according to multiple Bureau de Change operators in Abuja.

Despite the currency’s decline, Nigeria’s external reserves strengthened further, reaching $49.88 billion as of March 3, 2026.

Analysts note that rising reserves provide some cushion against external shocks, even as the Naira continues to face pressure in the official market.

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The continued depreciation underscores the need for cautious forex management amid rising global demand for the dollar and persistent domestic economic pressures.