The Naira continued its downward slide against the United States Dollar on Monday, depreciating across both official and parallel foreign exchange markets, according to data from the Central Bank of Nigeria (CBN).
At the official market, the local currency fell to N1,470.26 per dollar, compared to N1,465.68 recorded on Friday — a loss of N4.58.
Similarly, at the black market, the Naira weakened to N1,505 per dollar, down from N1,495 traded at the close of business last Friday.
Bureau de Change (BDC) operators attributed the depreciation to a surge in demand for foreign exchange, which has continued to put pressure on the Naira despite the country’s rising external reserves.
As of October 3, 2025, Nigeria’s external reserves climbed to $42.44 billion, reflecting a steady buildup over recent weeks.
The latest movement extends the Naira’s recent trend of mild losses, coming just days after it similarly weakened against the dollar on Friday.