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.