Nigeria’s currency began the new month on a weaker footing as the naira depreciated against the U.S. dollar across both the official and parallel foreign exchange markets on Monday.
Fresh data released by the Central Bank of Nigeria (CBN) showed that the naira closed at N1,448.44/$ at the official window, compared to N1,446.74/$ recorded last Friday. This reflects a N1.70 depreciation within a single trading day, signaling renewed pressure on the local currency.
The downward trend was mirrored in the parallel market, where the naira fell to N1,475/$ on Monday, weakening from N1,470/$ at the end of last week—representing a N5 decline.
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Forex dealers attributed the slump to sustained demand for the dollar by importers, reduced FX liquidity, and traders’ cautious sentiments as the year gradually winds down.
The fresh decline also comes at a time when the country’s external reserves stood at $44.61 billion as of November 27, 2025, according to CBN figures.
Analysts note that while reserves remain relatively stable, persistent pressure on the naira suggests lingering market imbalance despite ongoing policy adjustments by monetary authorities.
Traders and market watchers will be closely monitoring CBN interventions in the coming days as the currency market reacts to early-month demand and broader economic signals.