The Nigerian Naira has recorded a second depreciation against the United States dollar at the official foreign exchange market this week. According to data from the Central Bank of Nigeria, the Naira weakened to N1,438.49 per dollar on Wednesday, down from N1,433.66 on Tuesday. This represents a decline of N4.83 on a day-to-day basis.

The Naira’s depreciation at the official market comes despite the currency remaining stable at the black market, where it traded at N1,450 per dollar on Wednesday, the same rate as the previous day. This stability in the parallel market suggests that the demand for foreign exchange may be easing, but the official market’s decline indicates that the Naira’s value is still under pressure.

The decline in the Naira’s value is notable, given the country’s rising external reserves, which stood at $43.28 billion as of Tuesday, November 4, 2025. This represents an increase from $43.26 billion recorded the previous day, according to the Central Bank of Nigeria’s data. The external reserves have been steadily rising, providing a cushion for the country’s economy and supporting the Naira’s value.

The Naira’s depreciation this week is the second time the currency has lost value in recent days. On Monday, the Naira had also depreciated massively at the official market, sparking concerns about the currency’s stability. The decline in the Naira’s value may have implications for the country’s economy, particularly in terms of imported inflation and the cost of goods and services.

The Central Bank of Nigeria has been working to stabilize the Naira and maintain a stable exchange rate. However, the currency’s depreciation highlights the challenges facing the country’s economy, including a large trade deficit and a dependence on imported goods. As the country’s economy continues to evolve, the Naira’s value will likely remain a key area of focus for policymakers and investors. The Central Bank of Nigeria will likely continue to monitor the situation and take steps to support the Naira and maintain economic stability.