The Nigerian naira has recorded its second consecutive week of sharp decline against the United States dollar, highlighting growing pressure on the local currency in both official and parallel foreign exchange markets.
On Friday, the Central Bank of Nigeria (CBN) reported that the naira had weakened further to N1,393.26 per dollar, down from N1,387.45 in the previous session.
This represents a daily loss of N5.81 and a weekly drop of N29.87 against the dollar in the official market, while over the past two weeks, the naira has lost N46.94 at the official exchange window.
The decline is not limited to the official market; the black market, or parallel market, has also seen a significant fall.
Bureau de Change operators in Wuse Zone 4, Abuja, revealed that the naira dropped to about N1,415 per dollar on Friday, compared to N1,370 on February 23, 2026, showing a two-week loss of N45.
This indicates that the naira is under pressure across all trading platforms, affecting businesses and individuals who rely on foreign currency for imports and other transactions.
Analysts say the naira’s continued depreciation is driven by high demand for dollars, limited supply, and uncertainties in the broader economy, despite interventions by the CBN to stabilize the currency.
These interventions, which involved mopping up dollars from the market, were aimed at reducing volatility, but have not yet reversed the downward trend.
President Bola Ahmed Tinubu also confirmed that the government is taking steps to support the naira, emphasizing that currency stability is crucial for businesses, importers, and households nationwide.
Economists warn that unless the balance between dollar supply and demand improves, the naira may continue to weaken, potentially driving up import costs, inflation, and overall economic uncertainty in Nigeria.
The naira’s recent slide serves as a reminder of the ongoing challenges in Nigeria’s foreign exchange market, with experts urging swift action to stabilize the currency and protect the economy.
