The Nigerian Naira continued its downward slide on Wednesday, marking its sharpest depreciation of the week against the United States dollar. According to official figures from the Central Bank of Nigeria (CBN), the Naira fell to ₦1,473.29 per dollar, compared to ₦1,463.23 on Tuesday — a daily loss of ₦10.06.

This decline represents the largest single-day fall at the official foreign exchange market so far this week. The local currency had already weakened by ₦5.72 on Tuesday and ₦2.34 on Monday. In total, the Naira has dropped by ₦18.12 since trading at ₦1,455.17 per dollar on October 10.

Despite the steady decline at the official market, the black market rate remained relatively stable, trading between ₦1,490 and ₦1,505 per dollar on Wednesday — the same range observed the previous day. This stability in the parallel market contrasts with the sharp volatility seen in official trading.

Interestingly, this latest depreciation comes even as Nigeria’s external reserves continue to rise. Data shows that reserves climbed to $42.65 billion as of October 14, up from $42.59 billion recorded four days earlier. Analysts believe the growing reserves could provide the CBN with more leverage to manage currency pressures in the coming weeks.

Meanwhile, fresh data released by the National Bureau of Statistics (NBS) revealed a positive sign on the inflation front. Nigeria’s inflation rate dropped for the sixth consecutive month to 18.02% in September 2025, suggesting gradual macroeconomic stabilization despite ongoing currency challenges.