Naira Weakens Against Dollar

The naira closed the week on a negative note after recording a significant depreciation against the dollar at the official foreign exchange market.

According to data from the Central Bank of Nigeria (CBN), the naira fell to ₦1,465.68 per dollar on Friday, down from ₦1,455.25 traded on Thursday — a daily loss of ₦10.43. This decline came after the currency had recorded notable gains earlier in the week.

At the parallel market, however, the naira remained stable at ₦1,485 per dollar on Friday, the same rate as Thursday.

Friday’s slip marked the first depreciation for the week, following four consecutive days of positive performance. On a week-on-week basis, the local currency still managed to appreciate by ₦14.98 compared to the ₦1,480.66 recorded on Friday, 27 September 2025.

Meanwhile, Nigeria’s external reserves have continued to rise, reaching \$42.40 billion as of 2 October 2025 — up from \$42.33 billion recorded on 29 September 2025.