The Nigerian naira continued its downward trend against the US dollar in the official foreign exchange market on Thursday, just before the Democracy Day public holiday. Data released by the Central Bank of Nigeria indicated that the local currency depreciated further to N1,363.83 per dollar, a decline from the previous day’s rate of N1,362.05 per dollar.
On a day-to-day basis, the naira lost N1.79 in value against the greenback. In contrast, the parallel market saw the naira hold steady at N1,395 per dollar for the fourth consecutive day, matching the rates observed on Monday, Tuesday, and Wednesday of this week.
This depreciation comes despite a continued increase in Nigeria’s foreign reserves, which climbed to $50.43 billion as of June 10, 2026, up from $50.35 billion recorded the day before, according to central bank figures. Reports from Daily Post indicate that the naira has experienced a mix of gains and losses throughout the week under review.
It is worth noting that the Nigerian government declared Friday a public holiday to commemorate Democracy Day, effectively concluding local currency trading for the week.