The Nigerian naira has faced a significant depreciation in the parallel market, with the exchange rate reaching N1,367 per dollar as of October 23, 2026. According to data from the Central Bank of Nigeria, the indicative exchange rate for the naira rose to N1,370 per dollar from N1,365 per dollar on Thursday, indicating a N5 depreciation for the naira.
Vanguard News reports that this development comes amidst ongoing concerns about the country’s economic stability and currency exchange rate fluctuations. The CBN has not yet commented on when the facility began operating or whether any measures are being taken to address the depreciation.
This depreciation is not an isolated incident, as the naira has been experiencing fluctuations in the parallel market for several months. Business Post Nigeria reported that the naira appreciated at the official market, while it depreciated at the black market, adding to the complexity of the currency’s exchange rate.
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