MARKET NEWS
Naira depreciates again as CBN records 1.04% weekly decline - P.M.NEWS
The Nigerian currency continued to face pressure at the official foreign exchange market, losing N14.85 against the United States dollar within one week.
Fresh data released by the Central Bank of Nigeria (CBN) showed that the Naira closed at N1,436.58/$1 on Friday, November 7, 2025, compared to N1,421.73/$1 recorded the previous week on October 31. This represents a 1.04% weekly depreciation.
Market watchers attributed the decline mainly to political tension following a statement by US President Donald Trump, who threatened military action in Nigeria over alleged attacks on Christians.
Interestingly, the situation was different at the black market, where the local currency strengthened to N1,445 per dollar, improving from N1,485 a week earlier.
Despite the mixed performance, Nigeria’s foreign reserves continued to grow, reaching $43.32 billion as of November 6, 2025.
Analysts say the rise in reserves could help stabilize the Naira in the coming weeks, though external political concerns may still influence market sentiment.
