Naira Suffers Sharpest Weekly Slide in Weeks — Closes at ₦1,475.35/$

|By Adejumo Adekunle

Nigeria’s currency lost ground against the United States dollar on Friday, marking its steepest weekly depreciation in recent weeks at the official foreign exchange market.

Data from the Central Bank of Nigeria (CBN) revealed that the naira slumped to ₦1,475.35 per dollar, weakening from ₦1,471.03 recorded the previous day — a ₦4.32 single-day drop.

Compared to its position last Friday, ₦1,455.17 on October 10, the currency plunged by ₦20.18 within one week.

Friday’s close confirms a week-long negative run for the local currency, with the naira only pausing its slide briefly on Thursday. The parallel market, however, held flat at ₦1,500 per dollar on both Thursday and Friday.

Despite mounting FX pressure, Nigeria’s external reserves continued to edge upward — rising to $42.67 billion as of October 15, 2025, signaling ongoing inflows and possible confidence from investors and remittances.

Economists warn the current trend could heighten inflationary pressure if the slide persists into the coming trading week.