Naira Slides Further at Official Market Despite Rising Foreign Reserves

|By Babatunji Wusu

Nigeria’s currency tumbled sharply against the United States dollar at the official foreign exchange market, extending its week-on-week losses despite an uptick in the nation’s external reserves.

New figures from the Central Bank of Nigeria show the Naira fell to N1,456.73 per dollar on Friday, November 21, 2025—down from N1,442.43 recorded on November 14. The drop means the currency lost N14.06 within a single week at the official window.

In contrast, the black market—currently experiencing low patronage—held steady at N1,465, the same rate traders offered last week.

The decline comes even as Nigeria’s foreign reserves inched up by 1.25% to $43.64 billion, raising fresh concerns over the persistent pressure on the currency despite stronger reserve buffers.