The Nigerian naira fell for the third consecutive trading day on Wednesday, closing at ₦1,473.29/$ at the official foreign exchange market, according to data from the Central Bank of Nigeria.

The currency opened the week at ₦1,457.51/$, slipped to ₦1,463.23/$ on Tuesday, and further lost ₦10.06 or 0.69 per cent by Wednesday’s close.

At the parallel market, the naira appreciated slightly to ₦1,488/$ from ₦1,500/$ recorded on Tuesday, data from CardinalStone showed.

Analysts at Cowry Assets Management Limited attributed the latest depreciation to a weaker market appetite for the naira. They noted that the recent losses contrast with last week’s rally when the currency hit a 10-month high at ₦1,455.17/$ — its strongest level since December 2024.

“Rising import demand or weaker dollar inflows could slow further gains,” Cowry Assets warned in its weekly report, adding that oil price volatility may also affect investor sentiment and FX stability.

Despite the pressure on the naira, Nigeria’s external reserves continue to grow steadily, rising to $42.63 billion as of Monday, up from $42.59 billion last Friday.

Speaking at the IMF/World Bank Annual Meetings in Washington, CBN Governor Olayemi Cardoso said recent reforms had made the naira “more competitive,” adding that Nigeria was building resilience against potential shocks.

“We’re restructuring the economy, and a competitive currency is helping drive that transformation,” Cardoso said.