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The naira experienced depreciation against the United States dollar in the official foreign exchange market on Friday, concluding the week on a negative note.

Data released by the Central Bank of Nigeria on Friday indicated that the naira fell to N1,456.73 per dollar, down from N1,452.13 exchanged on Thursday.

This signifies a notable decline of N4.6 against the dollar on a daily basis.

In the black market, Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, informed DAILY POST that the naira was traded at N1,465 per dollar on Friday.

A review of the week revealed that Nigeria’s currency, the naira, sustained more losses than gains. On a week-on-week basis, the naira appreciated by N14.3 against the dollar in the official market but remained unchanged in the black market.

This situation persists despite the ongoing increase in Nigeria’s foreign reserves, which reached $44.19 billion as of November 20, 2025.

Frequently Asked Questions

What caused the naira to depreciate against the dollar?

The naira's depreciation can be attributed to various economic factors including market demand, foreign exchange reserves, and overall economic conditions in Nigeria.

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

The black market rate is typically higher than the official rate, as evidenced by the naira being traded at N1,465 per dollar in the black market compared to N1,456.73 in the official market.

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

As of November 20, 2025, Nigeria’s foreign reserves stood at $44.19 billion, indicating a positive trend despite the naira's depreciation.

Eze Chidiebere Paul

Eze Chidiebere Paul

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