The Nigerian Naira has recorded its fourth consecutive decline against the United States Dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria, the Naira dropped to 1,456.07 per dollar on Thursday, down from 1,455.38 on Wednesday. This represents a 0.6 decline on a day-to-day basis and a cumulative drop of 4.21 over the past four days.
The decline in the value of the Naira against the dollar has been a persistent trend, despite the country’s foreign reserves reaching $45.41 billion as of November 10, 2025. The foreign exchange reserves have been on an upward trajectory, but this has not translated to a corresponding appreciation of the Naira.
In contrast, the black market exchange rate remained stable, with the Naira trading at 1,490 per dollar on Thursday, the same rate as the previous day. The disparity between the official and black market exchange rates highlights the challenges facing the Nigerian economy, including a shortage of foreign currency and a thriving parallel market.
The continued decline of the Naira against the dollar has significant implications for the Nigerian economy, including higher import costs and increased inflationary pressures. The Central Bank of Nigeria has been working to stabilize the currency and improve liquidity in the foreign exchange market, but the challenges persist.
The Nigerian government has been implementing policies aimed at boosting economic growth and reducing dependence on imports, but the impact of these measures has been slow to materialize. As the country’s economy continues to navigate the challenges of a declining currency, policymakers will need to carefully balance the need to stabilize the Naira with the need to promote economic growth and development.
The decline of the Naira against the dollar is a complex issue, influenced by a range of factors, including global economic trends, domestic economic policies, and geopolitical events. As the Nigerian economy continues to evolve, it is likely that the value of the Naira will remain a key area of focus for policymakers, businesses, and investors.