Naira Depreciates to Record Low Against Dollar, Reaching N1,361.84 per USD
Naira fell to N1,361.84 per dollar on Oct 23, 2026, down from N1,344.40 the day before.
In Brief
- •Naira fell to N1,361.84 per dollar on Oct 23, 2026, down from N1,344.40 the day before.
- •Day‑to‑day depreciation of N17.44 against the dollar.
- •Parallel market rate also fell to N1,385 per dollar from N1,377.
- •Nigeria’s foreign reserves stood at $55.16 billion on Thursday.
- •The week saw net depreciation in both official and parallel markets.
Why It Matters
A weaker naira raises import costs, potentially fueling inflation and increasing the burden of foreign‑currency debt servicing. The depreciation also signals ongoing economic pressures that could affect investor confidence and the country’s balance of payments.
Key Details
- Official rate (USD)
- N1,361.84
- Parallel rate (USD)
- N1,385
- Day‑to‑day depreciation
- N17.44
Original Reporting & Sources
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