The Nigerian naira has recorded its sharpest single-day decline in 18 months, weakening to ₦1,365 against the United States dollar at the official foreign exchange market.
According to market data the currency depreciated by ₦28 from the previous closing rate of ₦1,337 recorded on Wednesday, October 21.
The latest decline represents a depreciation of approximately 2.1 per cent in one trading session, reversing gains recorded earlier in the week.
The development comes amid significant demand for foreign exchange from businesses, importers and other participants in the Nigerian economy.
Meanwhile, Nigeria’s foreign exchange reserves have remained relatively strong, with earlier reports indicating an increase to 54.61 billion dollars as of September 14, 2026.
Analysts say movements in the exchange rate remain important for businesses and households because fluctuations in the value of the naira can affect import costs, production expenses and the prices of goods and services.
The latest depreciation has renewed attention on the foreign exchange market as businesses monitor developments that could influence their operating costs.
