Naira Hits Record Low at ₦1,473.29/$ Amid Rising Reserves and Falling Inflation

|By Adejumo Adekunle

Nigeria’s currency plunged to its weakest level yet against the United States dollar on Wednesday, marking the sharpest daily depreciation this week despite a steady rise in the nation’s foreign reserves and a sustained drop in inflation.

Data from the Central Bank of Nigeria (CBN) revealed that the naira slid to ₦1,473.29 per dollar at the official foreign exchange market, a ₦10.06 loss from Tuesday’s rate of ₦1,463.23. The drop marks the steepest daily fall this week, following earlier declines of ₦5.72 on Tuesday and ₦2.34 on Monday.

In total, the naira has weakened by ₦18.12 since October 10, when it traded at ₦1,455.17 per dollar. However, activity in the parallel market remained stable, with rates hovering between ₦1,490 and ₦1,505 per dollar, unchanged from Tuesday.

The depreciation comes as Nigeria’s external reserves rose slightly to $42.65 billion as of October 14, up from $42.59 billion on October 10, indicating modest growth in the country’s foreign asset holdings.

Meanwhile, fresh data from the National Bureau of Statistics (NBS) showed that inflation slowed for the sixth consecutive month, easing to 18.02 percent in September 2025. Despite this moderation, analysts say persistent foreign exchange pressure continues to weigh heavily on the naira’s performance.