Naira weakens to N1,364.88/$ official, N1,430/$ black market as reserves rise
On Thursday, August 5, 2026, the naira weakened further at the official foreign exchange market, trading at N1,364.88 per US dollar—up from N1,363.85 the previous Wednesday. At the parallel (black) market, the naira slipped to N1,430 per dollar, down from N1,424 on Wednesday.
The depreciation occurred despite a rise in Nigeria’s external reserves, which reached $52.01 billion on August 5, 2026, up from earlier levels. Analysts note that higher reserves usually support the currency, but persistent demand pressure and limited supply continue to push the naira down. For importers, travelers, and anyone needing foreign exchange, the weaker naira means higher costs for goods, school fees, medical trips, and online subscriptions priced in dollars.
If you regularly purchase dollars—for imports, school fees, or personal travel—consider locking in rates through forward contracts or domiciliary accounts where available, or timing purchases when the naira shows slight strength. With the official rate now above N1,360, budgeting an extra 1–2% for dollar expenses may help avoid surprises. Will you adjust your foreign‑exchange planning or absorb the higher cost as the naira continues its slide?