The Nigerian naira experienced a decline in value against the United States dollar on the official foreign exchange market on Thursday. According to data from the Central Bank of Nigeria, the naira depreciated to N1,447.83 against the dollar, representing a slight decrease of N0.18 from the previous day’s rate of N1,447.65.
In contrast, the parallel market saw the naira maintain its value at N1,475 per dollar, unchanged from the previous day. This development comes after the naira had gained against the dollar on Tuesday, only to return to a depreciation trend on Wednesday.
Despite the decline, Nigeria’s foreign reserves have continued to rise, reaching $44.97 billion as of November 3, 2025. The country’s foreign exchange reserves have been steadily increasing, providing a cushion for the naira. However, the currency’s performance against the dollar remains a key indicator of the country’s economic health.
The naira’s depreciation on Thursday may be attributed to various market factors, including demand and supply dynamics. The official foreign exchange market, also known as the Investors and Exporters window, is the primary platform for foreign exchange transactions in Nigeria. The parallel market, on the other hand, is an unofficial market where individuals and businesses exchange currencies.
The Nigerian economy has been working to stabilize the naira and improve its foreign exchange market. The Central Bank of Nigeria has implemented various policies aimed at boosting the country’s foreign reserves and reducing its reliance on imports. The bank’s efforts have yielded positive results, with the foreign reserves increasing significantly over the past year.
As the naira’s performance continues to be closely watched, the country’s economic managers will need to remain vigilant and implement policies that support the currency’s stability. A stable naira is crucial for Nigeria’s economic growth, as it affects the cost of imports, inflation, and the overall business environment. With the country’s foreign reserves on the rise, there is optimism that the naira will regain its strength and contribute to the country’s economic development.