Naira Slips Again, Loses ₦2.34 Against Dollar Despite $42.59bn Reserves

|By Adejumo Adekunle

Nigeria’s currency started the week on a weak footing as the Naira depreciated against the United States Dollar at the official foreign exchange market.

Data from the Central Bank of Nigeria (CBN) revealed that the Naira fell to ₦1,457.51 per dollar on Monday, compared to ₦1,455.17 recorded last Friday — a ₦2.34 decline in just one trading day.

However, in the parallel (black) market, the Naira held firm at ₦1,503 per dollar, maintaining the same rate as the previous week.

The latest slide occurred despite Nigeria’s external reserves standing at $42.59 billion as of October 10, 2025 — a figure analysts say should ordinarily provide some support for the local currency.

The setback followed a brief rally last week when the Naira recorded significant gains across foreign exchange markets on Friday.