Naira Hits Deepest Decline of the Week Against Dollar

The Naira suffered its sharpest drop of the week against the US dollar on Wednesday, extending its downward trajectory in the official foreign exchange market.

Data from the Central Bank of Nigeria showed that the Naira fell to ₦1,443.08 per dollar, weakening from ₦1,438.71 recorded the previous day. This represents a day-to-day depreciation of ₦4.3, the steepest decline so far this week.

In contrast, the parallel market remained unchanged, with the Naira trading at ₦1,465 per dollar for the second consecutive day.

The latest decline surpasses Monday and Tuesday’s losses, which averaged ₦2.1, marking a deepening strain on the local currency despite positive indicators from the nation’s external reserves. Nigeria’s foreign reserves have continued to grow, reaching $43.37 billion as of November 10, 2025.