Business
Naira Records First Official Depreciation Against Dollar Since August
The Naira on Thursday recorded its first decline against the U.S. dollar in the official foreign exchange market since August 20, 2025.
Data from the Central Bank of Nigeria (CBN) showed the currency closed at N1,502.13 per dollar, weakening by N1.21 from Wednesday’s rate of N1,500.92.
In contrast, the parallel (black) market remained unchanged, with the Naira trading at N1,530 per dollar for the second consecutive day.
The last time the local currency slipped in the official window was on August 20, 2025, when it closed at N1,536.73 per dollar, despite a boost in external reserves, which stood at $41.62 billion as of September 10, 2025**.
Thursday’s movement ends a nearly three-week streak of stability for the Naira at the official market, underscoring the delicate balance of Nigeria’s currency amid fluctuating market forces.
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