Recorded its second depreciation against the United States dollar at the official foreign exchange market.
According to data from the Central Bank of Nigeria, the Naira depreciated on Wednesday, trading at ₦1,438.49 per dollar compared to ₦1,433.66 on Tuesday — reflecting a daily decline of ₦4.83.
At the black market, the Naira traded at N1,450 per dollar on Wednesday, maintaining the same rate as on Tuesday.
Recall that on Monday, the local currency recorded a sharp decline at the official market, marking the second time this week the Naira has weakened against the U.S. dollar.
This development comes even as Nigeria’s external reserves continued to grow, reaching $43.28 billion on Tuesday, November 4, 2025, up slightly from $43.26 billion recorded a day earlier, according to data from the Central Bank of Nigeria.