The Nigerian Naira experienced a decline in value against the United States dollar at the official foreign exchange market on Thursday, marking its first depreciation since August 20, 2025. According to data from the Central Bank of Nigeria, the Naira dropped to 1,502.13 against the dollar, down from 1,500.92 on the previous day. This represents a day-to-day weakening of the currency by 1.21.
In contrast, the Naira remained stable at the black market, trading at 1,530 per dollar on Thursday, unchanged from the previous day’s rate. The last time the Naira depreciated at the official foreign exchange market was on August 20, 2025, when it stood at 1,536.73 per dollar. This was partly due to rising external reserves, which stood at $41.62 billion as of September 10, 2025.
The recent depreciation of the Naira may be attributed to various economic factors, including fluctuations in global market trends and the country’s external reserves. Nigeria’s foreign exchange market has been subject to fluctuations in recent years, impacting the country’s economy and trade.
The Central Bank of Nigeria has been working to stabilize the currency and maintain a stable foreign exchange market. The bank’s efforts include managing the country’s external reserves and implementing policies to support the economy. The Naira’s depreciation may have implications for Nigeria’s trade and commerce, as well as its overall economic growth.
The stability of the Naira at the black market, despite the depreciation at the official market, suggests that the currency’s value may be influenced by various factors, including supply and demand. The Central Bank of Nigeria’s data provides valuable insights into the country’s foreign exchange market trends, helping to inform economic policy and decision-making.
As Nigeria’s economy continues to evolve, the value of the Naira will likely remain a key area of focus for policymakers, businesses, and investors. The country’s ability to manage its foreign exchange market and maintain a stable currency will be crucial in supporting economic growth and development. With the Naira’s recent depreciation, it remains to be seen how the currency will perform in the coming days and weeks, and what implications this may have for Nigeria’s economy.
