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Data from the Central Bank of Nigeria (CBN) showed that the naira lost N14.61 as the dollar closed at N1,436.34 at the Nigerian Foreign Exchange Market (NFEM), compared to N1,421.73 per dollar quoted on Friday.
The naira on Monday depreciated by 1.0 percent against the dollar in the official foreign exchange (FX) market following threats by former U.S. President Donald Trump against Nigeria. In a post on Truth Social on Saturday, Trump said he had instructed the Pentagon “to prepare for possible action” and threatened an immediate cutoff of aid to Nigeria, an OPEC member and Africa’s most populous nation.
Data from the Central Bank of Nigeria (CBN) showed that the naira lost N14.61 as the dollar closed at N1,436.34 at the Nigerian Foreign Exchange Market (NFEM), compared to N1,421.73 per dollar quoted on Friday.
However, at the parallel market, popularly called the black market, the naira appreciated by 1.04 percent to close at N1,440 per dollar, gaining N15 from N1,455 recorded on Friday. External reserves rose to USD 43.19 billion as of the last update on October 31, 2025, according to data from the CBN.
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Nigeria’s dollar bonds recorded the steepest losses among emerging markets on Monday after Trump’s statement threatening possible military action if the government fails to stop the killings of Christians by Islamist militants. Nigerian dollar bonds declined across the maturity curve, accounting for all ten of the worst performers in emerging markets as of 10:45 a.m. in Lagos, according to data compiled by Bloomberg. The 2047 notes fell the most, dropping as much as 0.6 cents on the dollar to 88.26 cents before paring the losses.