Naira Slides to Weakest Level in Months Amid Falling Forex Reserves

The Naira hit its lowest level against the US dollar this week, reflecting pressures from declining foreign reserves. On Friday, data from the Central Bank of Nigeria showed the currency falling to N1,464.50 per dollar, down from N1,457.84, marking a daily drop of N6.65—the largest since December 4, 2025. Over the week, the Naira lost N12.67 at the official market, its weakest performance in several months.

In parallel, the black market rate also fell, closing at N1,500 per dollar on Friday, down N15 from last week’s N1,490. Analysts attribute the decline to a reduction in Nigeria’s external reserves, which fell by $0.20 billion, or 0.57 percent, to $45.21 billion as of December 17, 2025, from $45.47 billion recorded on December 12. The combined pressure in official and parallel markets underscores ongoing challenges in stabilizing the Naira.