The naira has further depreciated against the United States dollar on Wednesday, November 12, in the Nigerian official exchange market.

According to the Central Bank of Nigeria's latest update, the naira on Wednesday slipped to a 10-day low of N1,443.08 per dollar.

The currency last traded below this level on October 29, 2024, when it closed at N1,444.42 per dollar.

The latest figures indicate that the naira fell by N4.37 or 0.3% from N1,438.71 on Tuesday, and it marked its third straight day of losses as dollar demand inched higher.

New naira exchange rate

In the same vein, the Nigerian currency lost against the Pound Sterling and the euro in the official market.

For the pound sterling, the naira sell for N1,910 on Wednesday compared to the previous rate of N1,895.65/£1.

It also declined against the euro to close at N1,673/€1 in contrast to Tuesday's rate of N1,663.24/€1.

Rates for international payments on Guaranty Trust Bank’s (GTBank) naira card stood at N1,447 per dollar on Wednesday, up marginally from N1,444 on Tuesday and N1,442 on Monday, showing continued alignment with the official market trend.

At the parallel market, the naira fell by N5 to N1,460 per dollar.

Future of naira's exchange rate

Despite the mild decline, traders said the market remains stable, supported by steady liquidity and improved FX inflows.

Currency analysts attributed the latest decline to mid-month demand pressures, adding that fundamentals still favour overall market stability.

A report by United Capital noted that foreign exchange inflows into Nigeria have continued to strengthen from both investment and trade sources, helping to reinforce the naira’s resilience in recent months.

The firm observed that rising dollar supply has helped narrow the spread between official and parallel market rates to below 1%, from around 7% in January 2025.

Although temporary factors such as US trade policy adjustments affected sentiment earlier in the year, analysts said the risk of sharp naira depreciation remains low due to Nigeria’s stable economic outlook., BusinessDay reports.

United Capital stated, citing renewed confidence in the economy’s short-term outlook:

“More investors are now reallocating from dollar assets to naira-denominated investments,”