The Nigerian currency, the Naira, recorded its sharpest decline this week against the United States dollar on Wednesday, despite gaining a little value only 24 hours earlier.
Fresh figures released by the Central Bank of Nigeria (CBN) show that the Naira dropped to ₦1,454.19 per dollar at the official foreign exchange market.
This rate is weaker than the ₦1,447.43 recorded on Tuesday.
The difference of ₦6.76 represents the highest daily loss for the Naira so far this week.
In the black market, where many Nigerians buy foreign currency due to easier access, the Naira remained unchanged at ₦1,465 per dollar.
Traders have been selling at this same rate since Monday, showing no improvement despite movements at the official market.
This new fall in the Naira is happening at a time when Nigeria’s foreign reserves have surprisingly increased, rising to $44.05 billion as of November 18, 2025.
Normally, stronger reserves should help stabilize the currency, but the market is still under pressure.
The depreciation on Wednesday also came after a brief moment of hope on Tuesday, when the Naira gained slightly against the dollar.
That small recovery raised expectations among Nigerians that the currency might be entering a more stable phase. However, Wednesday’s sharp drop has again created worry.
Many Nigerians remain concerned about the constant rise in the cost of goods and services, as the exchange rate affects everything from fuel prices to imported food items.
The frequent ups and downs of the Naira continue to create uncertainty for businesses, traders, and households across the country.
