Naira Opens New Week on Weak Note Against US Dollar Across FX Markets
- The Nigerian currency opened the week with marginal losses to the dollar on Monday at the NAFEX window
- The naira traded down by 0.1 per cent to N1,371.04/$1 and recorded gains against the pound and the euro
- However, it depreciated to N1,383/$1 on the GTBank FX window, while it was flat at N1,385/$1 in the black market
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian currency, the naira, kicked off the new trading week with losses against the US dollar at most of the foreign exchange markets, even though it appreciated against some other key global currencies.
Last week's trading session at the Nigerian Foreign Exchange Market (NAFEM) ended negatively for the naira with a loss of N15 kobo or 0.1% as the currency depreciated to N1,371.04/$1 against the dollar compared to N1,370.89/$1 traded the previous week, Friday, May 15.
Source: Getty Images
Naira to dollar exchange rate
However, against other major currencies, it appreciated N20.77 against the British pound sterling with a gain in its trading value from N1,851.38/$1 to N1,830.61/1, and also strengthened against the euro, appreciating N7.91 from N1,602.98/1 to N1,595.07/1 in the last trading session.
The local currency also weakened against the US dollar on the GTBank FX desk, depreciating by N2 with the closing market at N1,383/$1 compared to N1,381/$1 traded the previous week.
The rate at the parallel market remained unchanged at N1,385/$1.
Official NAFEX rates:
- CFA: N2.44
- Yuan/Renminbi: N201.31
- Danish Krona: N213.42
- Euro: N1,595.07
- Yen: N8.64
- Riyal: N365.35
- South African Rand: N82.37
- SDR: N1,882.96
- Swiss Franc: N1,744.55
- Pound Sterling: N1,830.61
- US Dollar: N1,371.04
- WAUA: N1,880.57
- UAE Dirham: N373.24
Source: Getty Images
CBN releases FX market framework
Meanwhile, the Central Bank of Nigeria on Friday, May 15, launched the fourth edition of its Foreign Exchange Manual, with the revised framework scheduled to take effect from June 1, 2026.
The new framework is part of ongoing reforms aimed at improving transparency, liquidity and confidence in Nigeria’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja, Olayemi Cardoso, the Governor of the CBN, said the initiative reflected the apex bank’s commitment to strengthening macroeconomic stability and modernising Nigeria’s foreign exchange administration.
Nigeria's foreign reserves drop for 7 consecutive days
Earlier, Legit.ng reported that new data showed that Nigeria's external reserves dropped to $49.57 billion, from a recent peak of $50.02 billion recorded in March.
In the last seven consecutive sessions, data from the CBN shows that reserves have dropped.
Nigeria’s current account surplus narrowed in 2025, reflecting rising external pressures.
Provisional balance of payments data published by the CBN showed the surplus fell to $14.04 billion in 2025 from $19.03 billion in 2024, though it remained above the $6.42 billion recorded in 2023.
Source: Legit.ng
