Naira loses N27.12 in two days despite $55.16bn external reserves
- CBN data shows the naira fell to N1,834.12 against the dollar over two days at the official market.
- The parallel market rate weakened by N5 to N1,375 per dollar, according to BDC operators.
- The decline came despite external reserves standing at $55.16 billion as of 22 October 2026.
The naira lost N27.12 against the US dollar in two days at the official market, even as the country's external reserves stood at $55.16 billion, according to Central Bank of Nigeria (CBN) data.
The CBN figures for Thursday and Friday showed the naira closed at N1,361.84 per dollar on Friday, down from N1,334.72 on Wednesday. That works out to a 2.03 per cent fall over the two days.
At the parallel market, the naira weakened by N5 to N1,375 per dollar, according to several Bureau de Change operators who confirmed the rate.
The slide came despite the reserves, which are the foreign currencies and other assets the CBN holds to back international payments and steady the currency. CBN data put them at $55.16 billion as of 22 October 2026.
Why it matters for households
A weaker naira makes imports dearer, and that feeds through to the prices Nigerians pay for fuel, food, medicine and other goods brought in from abroad. It also raises the cost of foreign school fees and travel.
For businesses that buy raw materials overseas, the exchange rate adds to production costs, which can show up later in what shoppers pay.
Both sources reported the same official and parallel market figures, and neither gave a reason for the fall.
What happens next
Traders and households will be watching whether the naira steadies when the market reopens, and whether the Central Bank takes any step in response. The sources did not say what action, if any, the CBN plans.
