The naira closed at N1,365/$ on Tuesday, depreciating against the dollar by N28 in the sharpest one-day slide since April 2025.
The Currency slid to N1,337/$ on Monday, according to the Central Bank of Nigeria.
The News Chronicle reports that the recent plunge marked the naira’s best performance in October as it traded mainly between N1,330 and N1,340 per dollar for the month.
Naira hit an intraday peak of N1,369/$ and a low of N1,336/$ while the weighted average exchange rate climbed to N1,344.40/$ from N1,334.72/$ in the preceding session.
The devaluation follows a surge in foreign exchange demand, with Nigeria’s FX demand peaking at $18.34 billion in the second quarter of 2026, the highest quarterly level since the third quarter of 2011, according to Financial Markets Dealers Association data.
In the meantime, Portfolio investment inflows surged 45 per cent to $6.51 billion during the same period, while foreign reserves reached $54.61 billion as of September 14.
Despite these external buffers, Thursday’s sharp movement highlights continued volatility in the foreign exchange market. The available figures, however, do not establish the specific factors responsible for the naira’s latest decline.
