Naira Tumbles Against Dollar, Exchange Rate Gap Between Official, Black Market Now N20
- The naira has recorded its second straight loss against the United States dollar in the Nigerian foreign exchange markets
- The performance of the naira has been blamed on the seasonal rise in dollar demand by travellers and businesses
- The World Bank, in its latest report, praised the administration of President Tinubu in helping the naira
Dave Ibemere is a Legit.ng journalist with over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and market trends.
The naira has depreciated against the United States dollar for the second straight day in the Nigerian foreign exchange market (NAFEM).
Data from the Central Bank of Nigeria showed that the naira closed on Tuesday, October 14, at N1,463.23/$1, a decline of N5.72 or 0.39% compared to the previous session’s rate of N1,457.51/$1.
Source: Getty Images
The naira showed a similar movement against the British pound sterling and the euro in the official market on Tuesday.
Naira fell by N2.65 to sell for N1,945.66/£1 versus Monday’s N1,943.01/£1, and lost N8.24 against the euro to close at N1,694.43/€1 versus the preceding day’s value of N1,686.19/€1.
Naira falls in black market
In the parallel market, currency dealers told Legit.ng that currency traded with a slight change from the previous day.
A forex dealer, Abdulahhi, gave the exchange rates as follows:
"The naira fell slightly due to market sentiment that the currency is under pressure. I sold the dollar at N1,490 and bought at N1,480 on Tuesday, compared to N1,485 which I sold the previous day.
My pound and euro selling rates are N1,720 and N1,990, respectively."
GTbank international transfer exchange rate was N1,470 on Tuesday.
Why naira is falling?
Analysts believe the naira has come under pressure due to the volume of U.S. dollars available on the supply side, with the Central Bank’s reduced intervention.
Meanwhile, Nigeria’s gross external reserves rose by $43 million to $42.63 billion as of October 13, 2025, supported by oil earnings, diaspora remittances, and foreign portfolio inflows, reinforcing confidence in the foreign exchange market.
Source: Getty Images
Naira exchange rate against other currencies
- CFA: N2.57
- Yuan/Renminbi: N204.91
- Danish Krona: N226.87
- Euro: N1,694.43
- Yen: N9.63
- Riyal: N390.16
- South African Rand: N83.78
- SDR: N1,990.44
- Swiss Franc: N1,821.98
- Pounds Sterling: N1,945.66
- US Dollar: N1,463.23
World Bank says naira is doing well
Earlier, Legit.ng reported that the naira has emerged among the best-performing currencies in Africa for 2025 after achieving a 5.07% gain against the US dollar since January.
The World Bank, in its Africa Pulse report for October titled Pathways to Job Creation in Africa released this week, said the naira is among 11 African currencies that have performed positively against the US dollar in 2025
World Bank attributed Nigeria’s currency rebound to key fiscal and monetary reforms implemented by President Tinubu.
Source: Legit.ng
