Business
Naira Slides Against Dollar to Close Week on Weak Note
The naira ended the week on a weaker note, recording a significant depreciation against the US dollar at the official foreign exchange market. Data from the Central Bank of Nigeria showed that the naira dropped to N1,465.68 on Friday, down from N1,455.25 on Thursday, representing a daily loss of N10.43 after a strong gain the previous day.
At the black market, however, the naira remained stable at N1,485 per dollar, unchanged from Thursday. Friday’s decline marks the first depreciation this week, following four consecutive days of gains for the country’s currency.
Despite the setback, the naira has recorded a week-on-week appreciation of N14.98 compared to N1,480.66 per dollar on Friday, September 27, 2025. Analysts note that the currency’s performance is supported by Nigeria’s rising external reserves, which stood at $42.40 billion as of October 2, up from $42.33 billion on September 29.