The Nigerian naira fell in value against the US dollar at the official foreign‑exchange market on Wednesday. Central Bank of Nigeria data show the rate slipped to N1,494.03 per dollar, down from N1,484.14 on Tuesday—a day‑to‑day depreciation of N9.89. In contrast, the black‑market rate held steady at N1,537 per dollar, unchanged from the previous day, despite the official market’s decline.
The official‑market depreciation is notable because the naira had reached its highest single‑day and seven‑month peak on Tuesday. Meanwhile, the central bank reported that Nigeria’s external reserves continued to rise, standing at $41.89 billion as of 16 September 2025.
Nigeria’s foreign‑exchange market has been volatile, with the naira’s value against the dollar closely monitored. The central bank is working to stabilize the currency and maintain a unified exchange rate across markets, recognizing that a stable rate is crucial for businesses and individuals engaged in international trade, as it influences import and export costs.
The increase in external reserves is a positive development, providing a buffer against potential economic shocks. The central bank’s ongoing efforts to manage the foreign‑exchange market and preserve currency stability will be closely watched by stakeholders in the coming days.
In recent months, the naira has experienced both appreciation and depreciation, reflecting the complex dynamics of supply and demand and external factors such as global economic trends. As the Nigerian economy evolves, the foreign‑exchange market will remain a key focus for policymakers and market participants.
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