The Nigerian naira has started the new month on a downward trend, depreciating against the United States dollar in both the official and parallel foreign exchange markets. According to data from the Central Bank of Nigeria, the naira weakened to N1,448.44 on Monday, down from N1,446.74 on Friday last week. This represents a decline of N1.7 against the dollar.

At the parallel market, also known as the black market, the naira declined by N5 to N1,475 on Monday, compared to N1,470 at the close of work last week. The foreign exchange market fluctuations are being closely monitored, given the importance of the US dollar in Nigeria’s international trade.

Nigeria’s foreign reserves currently stand at $44.61 billion, as of November 27th, 2025. The country’s reserve levels are a key indicator of its economic health and ability to meet its international obligations. The recent depreciation of the naira may have implications for the country’s trade balance and inflation rate.

The Central Bank of Nigeria has been working to maintain stability in the foreign exchange market, but the demand for US dollars remains high. The bank’s efforts to manage the supply of foreign currency and maintain a stable exchange rate are ongoing. The naira’s performance against the dollar will continue to be closely watched, as it has a significant impact on Nigeria’s economy and businesses that rely on international trade.

The current state of the foreign exchange market in Nigeria is a reflection of the complex interplay between global economic trends, domestic policy, and market forces. As the country navigates its economic challenges, the performance of the naira against major currencies will remain a key area of focus. The foreign exchange market will likely continue to evolve, influenced by a range of factors, including changes in global demand, shifts in trade policies, and the overall health of the Nigerian economy.