The Naira recorded its highest depreciation against the United States dollar on Wednesday as the country’s currency sustained a decline this week.
Central Bank of Nigeria data showed that the naira weakened to N1,473.29 per dollar on Wednesday, down from N1,463.23 on Tuesday.
This showed that the N10.06 against the dollar on a day-to-day basis. This is the highest Naira decline at the official FX market this week, as it dropped N5.72 and N2.34 on Tuesday and Monday. The Naira has declined by N18.12 when compared to N1,455.17 per dollar traded on October 10th last week.
Meanwhile, at the black market, the naira remained stable between N1,490 and N1,505 on Wednesday, the same exchange rates as on Tuesday.
This comes despite Nigeria’s external reserves’ continued rise to $42.65 billion as of October 14th, 2025, up from $42.59 billion on October 10th.
On Wednesday, the National Bureau of Statistics consumer price index and inflation rate data showed that Nigeria’s inflation rate declined for the sixth time to 18.02 per cent in September 2025.
