Naira depreciates against US dollar

The Naira recorded depreciation against the dollar at the official foreign exchange rate market on Wednesday.

The Central Bank of Nigeria’s data showed that the Naira dropped to N1,494.03 per dollar on Wednesday, down from N1,484.14 traded on Tuesday, when it peaked.

This means that the Naira weakened by N9.89 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained flat at N1,537 per dollar on Wednesday, the same rate as on Tuesday.

This development comes after the naira recorded its highest single-day and seven-month peak on Tuesday at the official foreign exchange market.

The apex bank data showed that Nigeria’s external reserves continued their rise and stood at $41.89 billion as of September 16th, 2025.