MARKET NEWS
Naira wobbles again, loses N18 in one week - P.M.NEWS
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 N1,473.29 per dollar on Wednesday, compared to N1,463.23 on Tuesday.
This means the currency lost N10.06 in just one day the steepest fall in the official foreign exchange market this week. Earlier, it had dropped by N5.72 on Tuesday and N2.34 on Monday.
In total, the Naira has weakened by N18.12 since last week, when it traded at N1,455.17 per dollar on October 10.
At the black market, however, the exchange rate remained stable, trading between N1,490 and N1,505 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.
