The Nigerian Naira suffered its steepest drop of the week on Wednesday, barely a day after showing a slight recovery against the US dollar.

According to the latest figures from the Central Bank of Nigeria (CBN), the Naira fell to ₦1,454.19 per dollar at the official forex market—down from ₦1,447.43 recorded on Tuesday. This represents a ₦6.76 depreciation, marking the sharpest day-to-day fall in the ongoing trading week.

In contrast, the parallel (black) market remained unchanged, with the local currency trading steadily at ₦1,465 per dollar—the same rate recorded since Monday.

The fresh dip comes at an unexpected time, especially as Nigeria’s foreign reserves climbed to $44.05 billion as of November 18, 2025. Typically, rising reserves are seen as a positive indicator for currency stabilization, but that wasn’t reflected in Wednesday’s performance.

This latest decline also follows a brief moment of relief on Tuesday, when the Naira appreciated slightly at the official market before sliding again.

As currency volatility continues, traders and consumers alike are watching closely to see whether the Naira can regain stability in the coming days.