Nigeria’s local currency, the naira, has extended its downward trend for the second consecutive week, depreciating further against the United States dollar across both the official and parallel foreign exchange markets.
Latest data released by the Central Bank of Nigeria on Friday showed that the naira weakened to N1,393.26 per dollar, compared with N1,387.45 per dollar recorded earlier in the week at the official foreign exchange window.
The figures indicate that the currency lost N5.81 in a single day and N29.87 over the week in the official market. Analysts note that within the past two weeks alone, the naira has depreciated by N46.94 against the dollar, highlighting sustained pressure on Nigeria’s foreign exchange system.
The weakening trend was also evident in the parallel foreign exchange market, commonly referred to as the black market.
Bureau de Change operators in Wuse Zone 4 told reporters that the naira traded at about N1,415 per dollar on Friday, compared with roughly N1,370 per dollar on February 23, 2026.
This represents a depreciation of approximately N45 within the period in the informal market, further reflecting demand pressures on the dollar.
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The continued slide of the naira comes despite efforts by the Central Bank of Nigeria to stabilise the currency and ease volatility in the foreign exchange market.
The apex bank had recently intervened by withdrawing dollars from circulation within segments of the forex market as part of broader liquidity management measures aimed at controlling speculation and stabilising the exchange rate.
Nigeria’s President, Bola Ahmed Tinubu, also acknowledged the government’s efforts to support the naira, confirming that authorities had taken additional monetary steps to strengthen the local currency.
Economic analysts say the persistent depreciation reflects structural pressure in the country’s foreign exchange market, where demand for the U.S. dollar continues to outpace available supply.
They note that import demand, external debt obligations, and capital outflows remain major drivers of dollar demand, while foreign currency inflows have not risen enough to close the supply gap.
Financial experts warn that without stronger export earnings and increased foreign investment inflows, the naira could continue to face volatility in the coming weeks despite regulatory interventions.