Naira Depreciates Again, Traders Release New Dollar, Pound, Euro Exchange Rates
- The Nigerian currency fell slightly against the US dollar in the official and parallel foreign exchange markets
- The naira also weakened against the British pound and the euro in all the FX markets
- The Central Bank of Nigeria's recent decision to buy dollars off the market affected the naira gains
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira recorded a slight decline against the United States dollar in the Nigerian Foreign Exchange Market (NAFEM) on Wednesday, February 25, 2026.
The naira fell by 74 Kobo, or 0.05%, to close at N1,356.11/$1 from N1,355.37/$1 on Tuesday.
Source: Getty Images
The Nigerian currency also weakened further against the pound sterling and the euro in the official market.
The naira also lost N6.70 to trade at N1,834.96/£1, down from N1,828.26/£1, and fell by N4.94 against the euro to N1,598.59/€1, compared with N1,596.36/€1 in the previous session.
At the GTBank forex desk, the naira fell by N6 against the dollar to close at N1,367/$1, compared with N1,361/$1 a day earlier.
In the parallel market, it traded flat at N1,365/$1.
Abudullahi, a BDC trader, gave the latest exchange rate as follows:
"The dollar buying rate is N1,367, while the selling rate is N1,390. The British pound sterling sells at N1,885, with a buying rate of N1,840. The euro sells at N1,650, and we buy at N1,605."
The naira’s continued fall is attributed to the Central Bank of Nigeria purchasing about $189.80 million to manage excess dollar supply and support the currency.
Naira-dollar rate: CBN MPC meeting
The move follows a 50-basis-point reduction in the benchmark interest rate by the CBN’s Monetary Policy Committee (MPC) on Tuesday, February 24, 2026, lowering it to 26.50% from 27% after inflation eased in January 2026.
Analysts said the rate cut was aimed at maintaining stability in the foreign exchange market, particularly to protect Foreign Portfolio Investor (FPI) inflows that have supported dollar supply in recent months.
Kayode Akindele, CEO of Coronation Capital and Head of Coronation Research, in an email, said:
“The 50bps move provides a clear directional signal while keeping overall monetary conditions restrictive, indicating the start of a shallow, data-dependent easing cycle rather than a radical shift to accommodative policy."
CBN's official selling rates (February 25, 2026)
- CFA: N2.43
- Yuan/Renminbi: N197.41
- Danish Krona: N213.92
- Euro: N1,598.59
- Yen: N8.66
- Riyal: N361.51
- South African Rand: N85.56
- Swiss Franc: N1,750.95
- Pounds Sterling: N1,834.96
- US Dollar: N1,356.11
BDCs yet to access CBN’s weekly window
Earlier, Legit.ng reported that Bureau de Change (BDC) operators said they have yet to access the official foreign exchange window announced by the CBN.
This was in spite of the recent steady gains of the naira, which narrowed the gap between the official and parallel market exchange rates.
The operator added that while commercial banks appeared supportive of the policy, many were still developing internal processes to align with the CBN’s directive.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
