The naira has recorded a notable depreciation against the US dollar on the official foreign exchange market, reaching N1,344.40 per dollar on Thursday, October 22, 2026. This figure represents a decline of N9.68 compared to the previous day's rate of N1,334.72. This marked the highest depreciation of the naira this week, reflecting ongoing challenges in the currency market.

In the parallel market, the naira also weakened, trading at N1,377 per dollar, a slight increase from N1,375 on Wednesday. The consistent decline in the naira's value against the dollar raises concerns among economists and market analysts about the stability of the Nigerian currency.

The Central Bank of Nigeria (CBN) continues to monitor the situation, with the latest data indicating that the country's foreign reserves stand at $55.15 billion. This figure is crucial as it plays a significant role in stabilizing the naira and managing foreign exchange rates.

The depreciation trend follows a brief period of appreciation earlier in the week, where the naira showed signs of recovery on Tuesday. However, the fluctuations highlight the volatility in the Nigerian foreign exchange market, influenced by various economic factors.

As the naira continues to face pressure, stakeholders in the economy are urged to keep a close watch on the developments, as the exchange rate impacts not only trade but also inflation and overall economic stability in Nigeria.