The Naira began the week on a weak note, depreciating against the US Dollar across both the official and parallel (black) foreign exchange markets.

According to data from the Central Bank of Nigeria (CBN), the local currency fell to ₦1,470.26 per dollar on Monday, down from ₦1,465.68 traded on Friday last week — a loss of ₦4.58.

At the black market, the Naira also declined, trading at around ₦1,505 per dollar, compared to ₦1,495 at the close of business on Friday.

Bureau de Change (BDC) operators attributed the latest depreciation to rising demand for foreign exchange, which continues to put pressure on the Naira.

This downward trend comes despite a positive development in Nigeria’s external reserves, which rose to $42.44 billion as of October 3, 2025, indicating improved foreign asset levels.

Analysts say that while the growing reserves are encouraging, consistent market pressure and increased FX demand could keep the Naira under strain in the short term.