The Nigerian naira depreciated against the United States dollar in the official foreign‑exchange market, ending the week on a negative note. Central Bank of Nigeria data show the naira fell to 1,475.35 per dollar on Friday, down from 1,471.03 the previous day—a daily decline of 4.32 naira. Over the past week, the currency slipped by 20.18 naira, moving from 1,455.17 per dollar on October 10, 2025, to its current level, marking the steepest depreciation in recent weeks.
In the parallel market, the naira remained stable at 1,500 per dollar on Friday, unchanged from Thursday. Throughout the week the official rate weakened almost continuously, with only a brief respite on Thursday.
Despite the currency’s decline, Nigeria’s external reserves have risen, reaching $42.67 billion as of October 15, 2025, according to the central bank. The growing reserves could help cushion the impact of a weaker naira on imported goods and services, but the persistent downward pressure suggests ongoing challenges in the foreign‑exchange market.
The central bank’s data highlight important trends in Nigeria’s FX market. As the economy evolves, the performance of the naira against major currencies like the US dollar will remain a key focus for investors, businesses, and policymakers. While the increase in external reserves is a positive sign, the naira’s depreciation underscores the broader economic difficulties the country faces.
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