Naira records second straight week of massive depreciation against US dollar

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Nigeria’s currency, the naira, closed the second week of trading with a notable loss in value against the US dollar in both the official and parallel exchange markets.

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

This reflects a daily and weekly decline of N5.81 and N29.87, respectively, against the US currency. Over the past two weeks, the naira has depreciated by N46.94 at the official foreign exchange window.

In the parallel market, commonly known as the black market, the naira also recorded a drop of N45, trading at approximately N1,415 per dollar on Friday.

This represents a fall from about N1,370 per dollar on February 23, 2026, according to several Bureau de Change traders operating in Wuse Zone 4, Abuja.

The continued weakness of the naira in both markets comes despite the Central Bank’s intervention to absorb excess dollars from circulation.

This intervention strategy was recently acknowledged by President Bola Ahmed Tinubu, who confirmed that the apex bank had taken steps to mop up foreign currency from the market.

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