The Nigerian Naira experienced its most significant daily decline against the United States dollar this week, according to data from the Central Bank of Nigeria. On Wednesday, the Naira dropped to 1,443.08 against the dollar, a decrease from the previous day’s rate of 1,438.71. This translates to a day-to-day loss of 4.37 Naira.
At the official foreign exchange market, the Naira has been on a bearish trend, with Wednesday’s decline marking the highest depreciation so far this week. In comparison, the decline on Monday and Tuesday was 2.1 Naira. On the black market, the Naira maintained a stable exchange rate of 1,465 per dollar, unchanged from the previous day.
The country’s foreign reserves have continued to rise, reaching $43.37 billion as of November 10, 2025. Despite this increase, the Naira’s value against the dollar has not reflected a corresponding improvement. The decline in the Naira’s value may have implications for the country’s economy, particularly in terms of import costs and inflation.
The Naira’s performance is closely watched by investors, businesses, and individuals who rely on foreign exchange for various transactions. A depreciation of the Naira can increase the cost of imports, leading to higher prices for consumers. The Central Bank of Nigeria has been working to stabilize the currency and improve the country’s economic outlook.
The current state of the Naira is a significant concern for Nigeria’s economic stability. The government and monetary authorities are expected to closely monitor the situation and implement policies to support the Naira and promote economic growth. As the country’s economy continues to evolve, the performance of the Naira will remain a key indicator of its progress.
