Naira Depreciates Against the US Dollar
The Naira experienced a depreciation against the US dollar in the official foreign exchange market on Wednesday.
According to data from the Central Bank of Nigeria, the Naira fell to N1,494.03 per dollar on Wednesday, down from N1,484.14 per dollar traded on Tuesday, when it reached its peak. This indicates a decline of N9.89 against the dollar from one day to the next.
In the black market, however, the Naira remained stable at N1,537 per dollar on Wednesday, the same rate observed on Tuesday.
This development follows the Naira’s highest single-day and seven-month peak recorded on Tuesday in the official foreign exchange market.
Additionally, the Central Bank’s data indicated that Nigeria’s external reserves continued to rise, reaching $41.89 billion as of September 16, 2025.
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