The Naira on Wednesday suffered its steepest daily fall against the US dollar this week at the official foreign exchange market, despite a steady rise in Nigeria’s foreign reserves.
According to data from the Central Bank of Nigeria (CBN), the Naira weakened further to N1,443.08 per dollar, down from N1,438.71 recorded on Tuesday — a daily loss of N4.3.
At the parallel market, however, the Naira remained unchanged at N1,465 per dollar, maintaining the same rate as the previous day.
Wednesday’s slump marks the sharpest depreciation this week, following earlier declines of N2.1 on both Monday and Tuesday.
The downturn comes amid reports that the country’s foreign reserves continue to grow, reaching $43.37 billion as of November 10, 2025, according to the latest CBN figures.
Economists say the widening gap between the rising reserves and the weakening Naira underscores lingering concerns over market confidence and forex liquidity pressures.
