The Nigerian naira has experienced further depreciation against the United States dollar, with the official exchange rate reaching ₦1,333.72 per dollar on Monday, October 19, 2026. This marks a decline from ₦1,332.26 recorded on Friday, October 16, indicating a depreciation of ₦1.46 in just a few days.

In addition to the official market, the naira also weakened in the parallel market, where it traded at ₦1,375 per dollar, up from ₦1,370 the previous week. This consistent decline reflects ongoing challenges in the Nigerian economy and raises concerns among traders and consumers alike.

According to data from the Central Bank of Nigeria (CBN), the country’s external reserves stood at $55.09 billion at the end of last week. The reserves are crucial for stabilizing the naira and managing foreign exchange transactions, but the current trend suggests that they may not be sufficient to counter the pressure on the currency.

The depreciation of the naira has been a significant concern for many Nigerians, as it affects the cost of imports and overall inflation. With the naira ending last week on a negative note, this latest decline only adds to the uncertainty surrounding the currency's future performance.

Market analysts are closely monitoring the situation, as the depreciation could have broader implications for the economy, particularly in sectors reliant on foreign goods and services. As the naira continues to struggle, stakeholders are calling for measures to address the underlying issues contributing to the currency's instability.