Naira Slides Again, Drops to ₦1,438.71 per Dollar Despite Rising External Reserves

|By Babatunji Wusu

The Naira extended its losing streak against the United States dollar on Tuesday, marking its second consecutive depreciation at the official foreign exchange market.

Fresh data from the Central Bank of Nigeria (CBN) showed that the local currency weakened further to ₦1,438.71 per dollar, down from ₦1,437.29 recorded on Monday. This represents a ₦1.42 drop within 24 hours.

At the parallel (black) market, the Naira held steady at ₦1,465 per dollar—the same rate it traded the previous day—reflecting persistent pressure on the currency despite stability in the informal market.

The latest movement marks the second straight day of decline for the Naira this week, underscoring ongoing volatility in the foreign exchange market.

Meanwhile, Nigeria’s external reserves have continued an upward climb, rising to $43.37 billion as of Monday, November 10, from $43.35 billion recorded on November 7, according to CBN data.

Analysts say the simultaneous rise in reserves and depreciation of the Naira highlights the complexity of Nigeria’s current forex dynamics.