The Nigerian naira has depreciated against the United States dollar at the official foreign exchange market, ending the week on a negative note. According to data from the Central Bank of Nigeria, the naira weakened to 1,475.35 naira per dollar on Friday, down from 1,471.03 naira per dollar on Thursday. This represents a day-to-day decline of 4.32 naira against the dollar.

In contrast, the naira remained stable at 1,500 naira per dollar in the parallel market on Friday, unchanged from the previous day. However, when compared to the previous week, the naira has dipped by 20.18 naira against the dollar, from 1,455.17 naira per dollar on October 10, 2025. This marks the highest depreciation at the official FX market in recent weeks.

Throughout the week, the naira weakened against the dollar, except for a brief respite on Thursday. Despite this downturn, Nigeria’s external reserves have continued to rise, reaching $42.67 billion as of October 15, 2025, according to Central Bank of Nigeria data.

The decline in the naira’s value against the dollar may have significant implications for Nigeria’s economy, particularly in terms of imported goods and services. The country’s external reserves, which have been rising, may help to cushion the impact of the depreciation. However, the consistent decline in the naira’s value throughout the week, except for a single day, suggests that the currency may face ongoing pressure in the foreign exchange market.

The Central Bank of Nigeria’s data provides insight into the country’s foreign exchange market trends, and the recent depreciation of the naira against the dollar is a significant development. As the Nigerian economy continues to evolve, the performance of the naira against major currencies like the US dollar will be closely watched by investors, businesses, and policymakers. The rise in external reserves is a positive sign, but the depreciation of the naira is a reminder of the challenges faced by the country’s economy.