Table of Contents
- Naira's Depreciation Against the Dollar
- Central Bank Data
- Black Market Rates
- External Reserves Update
The Naira experienced significant depreciation against the United States dollar at the official foreign exchange market, starting the week on a downward trajectory.
Data from the Central Bank of Nigeria revealed that on Monday, the Naira weakened to N1,436.34 against the dollar, a decline from the N1,421.73 rate observed on Friday.
This indicates that the Naira fell by N14.61 against the dollar on Monday compared to the previous week's closing rate.
According to DAILY POST, this marks the first instance of Naira depreciation since October 14, 2025, in the official FX market.
Meanwhile, in the black market, there was a slight improvement compared to Friday's rate.
This situation arises as the country's external reserves continue to grow, reaching $43.197 billion as of October 31, 2025.
What caused the Naira's depreciation against the dollar?
The Naira's depreciation is attributed to various economic factors, including market dynamics and foreign exchange policies.
How do the black market rates compare to the official exchange rates?
Black market rates often fluctuate and can differ significantly from official exchange rates due to supply and demand factors.
What is the current status of Nigeria's external reserves?
As of October 31, 2025, Nigeria's external reserves stood at $43.197 billion, indicating a positive trend.
