Naira slides for second week, hits N1,393 against dollar

The Nigerian naira has recorded its second consecutive week of significant depreciation against the United States dollar in both the official and parallel foreign exchange markets.

Data released by the Central Bank of Nigeria (CBN) on Friday showed that the naira weakened further to N1,393.26 per dollar, compared to N1,387.45 recorded earlier.

This means the local currency lost N5.81 in one day and N29.87 over the week against the dollar in the official market. In the past two weeks alone, the naira has dropped by N46.94 against the dollar in the official foreign exchange window.

The decline was also noticeable in the parallel market, commonly known as the black market. Bureau de Change operators in Wuse Zone 4, Abuja, said the naira fell to about N1,415 per dollar on Friday, compared to around N1,370 per dollar on February 23, 2026.

This represents a drop of N45 in the value of the naira in the black market within the period.

The continued weakening of the local currency comes despite efforts by the Central Bank of Nigeria to stabilise the market. The apex bank had recently intervened by withdrawing dollars from circulation in the foreign exchange market.

The intervention was also acknowledged by Nigeria’s President, Bola Ahmed Tinubu, who confirmed that the government had taken steps to support the naira through monetary measures.

Economists say the development reflects ongoing pressure on Nigeria’s foreign exchange market, with demand for dollars still exceeding supply.