The Naira recorded its steepest single-day depreciation against the United States dollar at the official foreign exchange market on Wednesday, according to data from the Central Bank of Nigeria (CBN).
The official exchange rate showed the Naira falling to ₦1,443.08 per dollar, down from ₦1,438.71 on Tuesday—a ₦4.37 drop in just one day. This marks the highest daily depreciation of the week, surpassing Monday and Tuesday’s decline of ₦2.10 per dollar.
Meanwhile, the Naira remained stable at ₦1,465 per dollar in the parallel (black) market, unchanged from the previous day.
The decline comes despite Nigeria’s foreign reserves rising to $43.37 billion as of November 10, 2025, highlighting the continued pressure on the local currency amid market dynamics.
Economists warn that persistent depreciation at the official market could affect import costs, inflation, and overall economic stability, even as forex reserves remain relatively high.