Naira Reverses Gain, Crashes Against Dollar, Pound, Euro As CBN Slowdown Appreciation
- The naira weakened further against the US dollar on Monday, falling to N1,349.24/$1 in the official market
- Data from the CBN shows the naira also lost value against the pound sterling and the euro
- The CBN slowed naira appreciation at the official window and mopped up about $190 million
On the first trading day of the week, the Nigerian currency, the naira, reversed some of its gains as its value weakened further against the US dollar.
Data obtained from the Central Bank of Nigeria showed that in the Nigerian Foreign Exchange Market (NAFEM) on Monday, February 23, the naira fell by N2.92 or 0.22% to N1,349.24/$1 from N1,346.32/$1 recorded last Friday.
Source: Getty Images
Similarly, the naira also depreciated against the pound sterling, losing N6.62 to close at N1,821.87/£1, compared with the preceding session’s N1,815.25/£1.
While against the euro, it fell by N6.80 to settle at N1,591.42/€1, down from N1,584.62/€1 on Monday.
At the GTBank forex desk, the naira weakened by N1 against the dollar, quoting N1,357/$1 versus the previous session’s N1,356/$1.
The naira also fell in the black market, losing over N10 against the dollar.
Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renewed demand in the market.
“I’m currently selling the dollar at N1,375 per dollar and buying it at N1,355. The pound is going for N1,845 on the selling side and N1,805 when buying, while the euro is also trading steadily in the market.
“Based on the level of demand I’m seeing, the dollar could rise above N1,400 this week. I’ve been receiving a lot of requests from buyers.”
Source: Facebook
Why did the naira fell?
The nation reports that the CBN, for the first time in a long time, bought dollars off the market after warning that excessive dollars could hurt the economy.
The CBN bought $189.80 million last week to reduce excess dollar liquidity and ease pressure on the naira, according to a TrustBanc Financial Group Limited report.
The firm noted that the currency gained N9.09 week-on-week at the official window to close at N1,346.32 per dollar, while the parallel market strengthened by N60 to N1,340 per dollar.
It also stated that the gap between both markets narrowed significantly to 0.47% from 3.29%, signalling closer alignment in exchange rates.
Snapshot of naira latest exchange rates
Based on CBN data, here is a breakdown of the naira’s performance against selected foreign currencies in the NAFEX market (selling rates):
- CFA: N2.41
- Yuan/Renminbi: N195.28
- Danish Krona: N212.97
- Euro: N1,591.42
- Yen: N8.72
- Riyal: N359.63
- South African Rand: N84.33
- Swiss Franc: N1,740.05
- Pound Sterling: N1,821.87
- US Dollar: N1,349.24
- UAE Dirham: N367.32
Forex reserves rise
Legit.ng earlier reported that Nigeria’s foreign exchange reserves have surged to $48.5 billion, marking their highest level in nearly 13 years and signalling renewed strength in the country’s external position.
Latest figures from the CBN show that the reserves reached $48.5 billion on Tuesday, February 17, 2026, the strongest level recorded since May 14, 2013, when they stood at about $48.51 billion.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
