The Naira recorded highest depreciation against the United
States dollar on Wednesday as the country’s currency sustains decline this
week.
Central Bank of Nigeria data showed that the naira weakened
to N1,473.29 per dollar on Wednesday, down from N1,463.23 on Tuesday.
This showed that the N10.06 against the dollar on a
day-to-day basis. This is the highest Naira decline at the official FX market
this week, as it dropped N5.72 and N2.34 on Tuesday and Monday. The Naira has
declined by N18.12 when compared to N1,455.17 per dollar traded on October 10th
last week.
Meanwhile, at the black market, the naira remained stable
between N1,490 and N1,505 on Wednesday, the same exchange rates as on Tuesday.
This comes despite Nigeria’s external reserves’ continued
rise to $42.65 billion as of October 14th, 2025, up from $42.59 billion on
October 10th.
On Wednesday, the National Bureau of Statistics consumer
price index and inflation rate data showed that Nigeria’s inflation rate
declined for the sixth time to 18.02 per cent in September 2025.
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