CBN, GTBank Release New Exchange Rate As Naira Loses Against US Dollar
- The naira continued to lose value against the US dollar at both the official and parallel forex markets
- The Nigerian currency also weakened against the British pound and the euro, as demand for FX remained high
- The CBN has intervened with $300 million in forex sales, and rising reserves give hope for a naira recovery
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
The Naira continued to decline against the US dollar at the Nigerian Foreign Exchange Market (NAFEM) as demand pressure for foreign exchange persists.
According to the Central Bank of Nigeria on Friday, March 6, the Nigerian currency depreciated by N5.82, or 0.42%, to close at N1,393.26/$1, compared with the previous day’s N1,387.45/$1.
Source: Getty Images
New naira exchange rate
The naira also weakened against the British pound and the euro in the official market. It fell by N7.61 against the pound to close at N1,859.99/£1, down from Thursday’s N1,852.38/£1, and declined by N1.58 against the euro, settling at N1,611.49/€1 from the previous N1,609.86/€1.
At GTBank’s forex desk, the naira lost N12 during the session, trading at N1,410/$1 versus the previous N1,398/$1. Similarly, in the parallel market, the domestic currency shed N10.
Abdullahi, a forex trader, told Legit.ng:
"The dollar buying rate is N1,410, while the selling rate is N1,430. Previously, the buying rate was N1,393. The euro sells at N1,633, and we buy at N1,600.
"The British pound sterling is selling at N1,880, with a buying rate of N1,850."
CBN to defend naira
The continued depreciation comes despite $300 million in foreign exchange intervention sales to banks by the CBN, highlighting that rising demand for foreign payments is outpacing supply.
Analysts note that while the naira is approaching a critical threshold, it has not yet triggered widespread panic.
Internationally, the US dollar held broadly steady and posted its steepest weekly gain in over a year, driven by the escalating conflict in the Middle East, which increased demand for safe-haven assets and put additional pressure on other currencies.
Source: Getty Images
Other currency exchange rates
- CFA – N2.46
- Yuan/Renminbi – N201.72
- Danish Krona – N215.65
- Euro – N1,611.44
- Yen – N8.82
- Riyal – N371.20
- South African Rand – N83.49
- Swiss Franc – N1,780.97
- Pounds Sterling – N1,859.99
- US Dollar – N1,393.26
- UAE Dirham – N379.28
FX reserves on the 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 Central Bank of Nigeria (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.
From $45.56 billion recorded on January 1, reserves have increased by $2.94 billion so far this year, representing a 6.45% gain.
Source: Legit.ng
