The Naira recorded its sharpest weekly depreciation, falling to N1,473.29 per dollar despite growing external reserves
The Naira on Wednesday recorded its steepest depreciation against the United States dollar this week, closing at N1,473.29 per dollar compared to N1,463.23 on Tuesday. Data from the Central Bank of Nigeria (CBN) revealed a N10.06 day-to-day decline — the sharpest in the official foreign exchange market this week. Earlier, the currency had dropped by N5.72 on Tuesday and N2.34 on Monday. Overall, the Naira has weakened by N18.12 since October 10, when it traded at N1,455.17 per dollar.
At the parallel market, however, the currency remained stable between N1,490 and N1,505 on Wednesday. This depreciation comes despite Nigeria’s external reserves rising to $42.65 billion as of October 14, up from $42.59 billion recorded on October 10. Meanwhile, the National Bureau of Statistics reported that Nigeria’s inflation rate fell for the sixth consecutive month to 18.02 percent in September 2025.