Economy

Naira Dips Third Day to N1,473.29 Per Dollar

Published

2 months ago

October 16, 2025

The naira dips for a third straight day, closing at N1,473.29/$ despite strong reserves and CBN efforts to stabilise the currency

The naira dipped for the third consecutive day on Wednesday, closing at N1,473.29 per dollar at the official Nigerian Foreign Exchange Market, according to data from the Central Bank of Nigeria (CBN).

Also read: Naira Strengthens Sharply as External Reserves Rise

The currency, which began the week at N1,457.51/$, weakened to N1,463.23/$ on Tuesday before sliding further by N10.06, or 0.69 per cent, on Wednesday.

At the parallel market, the naira showed a modest recovery, appreciating to N1,488/$ from N1,500/$ recorded the previous day, according to data from CardinalStone.

Analysts at Cowry Assets Management Limited attributed the depreciation to “diminished investor appetite,” even as the naira had recently touched its strongest level in ten months N1,455.17/$ last week.

The firm’s weekly report warned that, despite earlier optimism, rising import demand and weaker dollar inflows could slow the naira’s recovery.

“Oil prices may remain under pressure due to higher supply, but any rebound in global demand could offer some support to Nigeria’s external earnings conditions,” the report stated.

Meanwhile, Nigeria’s external reserves continued to inch upwards, standing at $42.63bn as of Monday, compared to N42.59bn on Friday.

Speaking at the G24 media briefing on the sidelines of the IMF/World Bank Annual Meetings in Washington, the CBN Governor, Olayemi Cardoso, said the naira was now “more competitive” following the bank’s reforms and market adjustments.

“We were able to create resilience and buffers against potential shocks. Those who follow the Nigerian economy are fairly comfortable with our direction,” Cardoso said.

He added that the naira’s competitiveness would support ongoing efforts to boost local production and transform the economy.