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The Naira experienced the most significant depreciation against the United States dollar at the official foreign exchange on Friday, concluding the week on a negative note.

Data from the Central Bank of Nigeria indicated that the Naira fell further on Friday to N1,423.17 against the dollar, a decrease from N1,419.72 recorded on Thursday.

This marks a depreciation of N3.45 against the dollar on a daily basis, the highest for the week and in 2026 to date.

In contrast, in the black market, the Naira remained steady at N1,490 per dollar on Friday, maintaining the rate observed on Thursday.

Throughout the previous week, the Naira recorded three gains and two losses against the US dollar and other currencies.

This development occurs alongside a continuous increase in the country's external reserves, which reached $45.67 billion as of January 8, 2026.

Frequently Asked Questions

What does the recent depreciation of the Naira indicate?

The recent depreciation suggests ongoing challenges in the foreign exchange market and may reflect broader economic conditions impacting the Naira's value.

How does the black market rate compare to the official rate?

The black market rate for the Naira has remained unchanged at N1,490 per dollar, which is significantly higher than the official rate of N1,423.17.

What is the current status of Nigeria's external reserves?

As of January 8, 2026, Nigeria's external reserves have reached $45.67 billion, indicating a positive trend despite the Naira's depreciation.

Eze Chidiebere Paul

Eze Chidiebere Paul

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