Business
Naira Crashes to All-Time Low Against Dollar
The Naira recorded its biggest depreciation against the US dollar on Wednesday, extending its downward trend for the week.
According to data from the Central Bank of Nigeria (CBN), the Naira weakened to ₦1,473.29 per dollar, down from ₦1,463.23 on Tuesday — a ₦10.06 drop in a single day.
This marks the steepest daily decline at the official foreign exchange market this week. The currency had earlier dropped by ₦5.72 on Tuesday and ₦2.34 on Monday, bringing the total weekly depreciation to ₦18.12 compared to the ₦1,455.17/$ rate recorded on October 10.
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Meanwhile, the black market exchange rate remained relatively stable, trading between ₦1,490 and ₦1,505 per dollar on Wednesday — the same as Tuesday.
The continued depreciation comes despite a steady rise in Nigeria’s external reserves, which increased to $42.65 billion as of October 14, 2025, up from $42.59 billion recorded on October 10.
Additionally, the National Bureau of Statistics (NBS) released new data on Wednesday indicating that Nigeria’s inflation rate declined for the sixth consecutive time, dropping to 18.02% in September 2025.
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