The naira recorded marginal depreciation against the dollar at the official foreign exchange to begin weakly on a bearish note despite the country’s external reserves rising to a six-year high of $42.03 billion as of September 19, 2025.

The Central Bank of Nigeria’s data showed that the naira weakened slightly to N1,488.60 on Monday, down from N1,487.90 exchanged last week on Friday.

This means that the Naira dropped by N0.7 against the dollar on Monday when compared with N1,487.90 at the close of the week last week.

Meanwhile, at the black market, the Naira remained stable at N1,522 per dollar on Monday, the same exchange rate as on Friday, when the country’s currency outpaced other foreign currencies significantly.

This comes with the consistent rise in the country’s external reserves reaching a year’s high of $42.03, according to the apex bank data as of September 19, 2025.