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The Naira experienced its most significant daily depreciation against the United States dollar in the official foreign exchange market this week on Wednesday.
Data from the Central Bank of Nigeria indicated that the Naira continued its downward trend, falling to N1,443.08 against the dollar, down from N1,438.71 traded on Tuesday.
This indicates a decline of N4.3 against the dollar on a day-to-day basis.
In the black market, the Naira remained steady at N1,465 per dollar on Wednesday, maintaining the same exchange rate as on Tuesday.
According to DAILY POST, Wednesday's decline marks the most considerable depreciation against the dollar compared to the decreases observed on Monday and Tuesday, which were recorded at N2.1.
This situation persists despite the ongoing increase in the nation's foreign reserves, which amounted to $43.37 billion as of November 10, 2025.
Frequently Asked Questions
What caused the Naira's depreciation this week?
The Naira's depreciation is attributed to various economic factors, including fluctuations in the foreign exchange market and overall market sentiment.
How does the black market rate compare to the official rate?
As of Wednesday, the black market rate for the Naira is N1,465 per dollar, which is slightly lower than the official rate of N1,443.08.
What are the current foreign reserves of Nigeria?
As of November 10, 2025, Nigeria's foreign reserves stand at $43.37 billion.
