The Nigerian currency, the naira, has kicked off the new month of December on a low as it depreciated against the US dollar at both the official and parallel foreign exchange markets on Monday, December 1.

The Central Bank of Nigeria (CBN) data showed that the naira weakened to N1,448.44/$1 on Monday, down from N1,446.74/$1 recorded on Friday last week.

This means the naira fell by N1.70 against the dollar when compared to Friday’s rate.

CBN official exchange rates

CFA: N2.55

Yuan/Renminbi: N204.82

Danish Krone: N224.46

Euro: N1,687.28

Yen: N9.36

Riyal: N385.95

South African Rand: N84.85

Swiss Franc: N1,809.41

Pound Sterling: N1,922.51

US Dollar: N1,448.44

Black market exchange rate

Similarly, in the black market, the naira declined by N5, trading at N1,475/$1 on Monday, down from N1,470/$1 at the close of last week.

Abdullahi, a trader, told Legit.ng: 'While the pound and euro remained unchanged at N2,204.40 and N1,853.70, the Canadian dollar rose slightly to N1,152.30 from N1,150."

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27, 2025.

Cardoso defends FX reserves rise Olayemi Cardoso, governor of the CBN, stated that the country’s external reserves have been steadily increasing due to a more competitive naira and higher inflows from exports, boosted by greater oil production, stronger non-oil exports, and improved remittances.