The Nigerian Naira has continued to weaken against the United States dollar at the official foreign exchange market, marking nine consecutive days of depreciation. This latest decline highlights ongoing challenges in the country’s foreign exchange system and increasing pressure on the local currency.
Data from the Central Bank of Nigeria showed that the Naira fell further on Wednesday, trading at N1,387.09 per dollar, compared with N1,384.29 per dollar on Tuesday. This represents a daily loss of N2.80 for the Naira.
Since February 23, 2026, when the current depreciation streak began, the Naira has lost a total of N37.85 against the dollar at the official exchange market. Economists note that such persistent declines, even if gradual, can have a significant impact on imports, inflation, and the overall cost of living for Nigerians.
At the parallel market, also known as the black market, the Naira remained relatively stable. Bureau de Change operators in Abuja reported that the currency traded at N1,390 per dollar, slightly higher than the N1,370 recorded nine days ago. Analysts suggest that the black market often reflects real supply and demand conditions more directly than official rates, which are influenced by central bank policies.
Meanwhile, Nigeria’s external reserves showed improvement, reaching $49.88 billion as of March 3, 2026. These reserves are funds held by the central bank to support the Naira, manage international payments, and stabilize the economy.
Financial experts argue that while rising reserves are positive, they may not immediately stop the Naira’s decline if demand for dollars remains high. They emphasize that long-term stability will require consistent government policies, better management of foreign exchange, and support for domestic production to reduce reliance on imports.
The Naira’s ongoing slide is closely watched by businesses, investors, and ordinary Nigerians, as fluctuations in the exchange rate directly affect the cost of goods, travel, and everyday expenses across the country.
