Naira wobbles again, loses ₦18 in one week

The Naira suffered its biggest drop against the US dollar on Wednesday, culminating in N18 loss for a period of one week.

According to data from the Central Bank of Nigeria, the Naira fell to ₦1,473.29 per dollar on Wednesday, compared to ₦1,463.23 on Tuesday.

This means the currency lost ₦10.06 in just one day  the steepest fall in the official foreign exchange market this week. Earlier, it had dropped by ₦5.72 on Tuesday and ₦2.34 on Monday.

In total, the Naira has weakened by ₦18.12 since last week, when it traded at ₦1,455.17 per dollar on October 10.

At the black market, however, the exchange rate remained stable, trading between ₦1,490 and ₦1,505 to the dollar  the same range as on Tuesday.

Despite the currency’s decline, Nigeria’s external reserves have continued to rise, reaching $42.65 billion as of October 14, 2025, up from $42.59 billion on October 10.

Meanwhile, the National Bureau of Statistics reported that Nigeria’s inflation rate fell for the sixth consecutive month, standing at 18.02% in September 2025.