Naira Records Second Consecutive Depreciation in Official Market

The Nigerian Naira experienced a depreciation against the United States Dollar at the official Nigerian Foreign Exchange Market (NFEM) on Thursday, marking the second straight day of decline for the currency.

Dependable NG reports that data from the Central Bank of Nigeria (CBN) indicated that the Naira further weakened to N1,447.83 against the dollar on Thursday, slightly down from the N1,447.65 rate recorded on Wednesday. This change represents a modest day-on-day depreciation of N0.18.

Meanwhile, the parallel market saw stability, with the Naira rate remaining unchanged at N1,475 per dollar on Thursday, maintaining the same rate observed on Wednesday.

The currency’s depreciation follows a brief period of gain on Tuesday before the reversal began on Wednesday. This recent dip in the official market comes despite the continued rise in Nigeria’s foreign reserves, which were reported to stand at $44.97 billion as of November 3, 2025.