Naira continues depreciation against US dollar as crude prices drop

The Naira has further depreciated against the United States Dollar at the foreign exchange market on Tuesday as crude oil prices dropped.

Central Bank of Nigeria foreign exchange data showed that the Naira dropped to N1,463.23 against the dollar on Tuesday, down from N1,457.51 on Monday.

This means that the Naira weakened further by N5.72 on a day-to-day basis.

Similarly at the black market, the Naira declined by N2 to N1,505 per dollar on Tuesday, down from the N1,503 traded on Monday.

The depreciation of the naira in the last two days comes amid a recent drop in crude oil prices.

On Tuesday Brent crude dropped to $62.39 per barrel and United States West Texas Intermediate crude at $58.70.

Meanwhile, Nigeria’s external reserves have continued to rise and stood at $42.63 billion as of October 13, 2025.

DAILY POST reports that the naira depreciated against the dollar on Monday.