Nigerian Naira Depreciates as Forex Turnover Surges

The Nigerian Naira has depreciated against the US Dollar due to a significant increase in foreign exchange turnover, reaching $52.47 billion in the first half of 2025, a 262.4% increase from the previous half-year. The surge was fueled by the Central Bank of Nigeria's electronic forex matching system.

Despite a slight slip in the Naira's value, Nigeria's external reserves have continued to rise, reaching $45.98 billion by January 21, 2026. The CBN attributed this improvement to stronger FX liquidity and enhanced market-based price discovery, boosting investor confidence.