Naira Loses Ground Against Dollar in Official, Black Markets
- The naira depreciated slightly against the US dollar in both the official and parallel markets
- New CBN data shows a marginal decline in the NAFEM window, with the currency also weakening at the black market
- Analysts expect the CBN’s updated FX manual to improve market flexibility and compliance.
The Nigerian naira began the new trading week on a bearish note on Monday, falling in value against the US dollar on both the official and parallel foreign exchange markets.
In the parallel market, the naira dropped N5 to $1 for N1,380/1$, from N1,375/1$ previously.
The Nigerian currency also weakened by N1 to trade at N1,373/1$ against the dollar on the GTBank FX desk. It opened the trading day at N1,372/1$.
Source: Getty Images
Meanwhile, in a chat with Legit.ng, Aminu Gwadabe, the President of the Association of Bureau de Change Operators of Nigeria (ABCON) said:
The CBN has remained committed to a mix of interest rate policy and FX interventions to improve market liquidity, but stronger engagement and collaboration with key stakeholders is still needed."
New naira to dollar exchange rate
At the official market, the naira dipped by N0.63 or 0.05 per cent to N1,362.84/1$, from N1,362.21/1$ in the previous trading session.
Despite weakening against the dollar on the two windows, the Nigerian currency strengthened against the other major currencies. It climbed N2.30 against the pound sterling, to trade at N1,821.29/1$ versus N1,823.59/1$ on the previous day.
Against the euro, the naira gained N0.23 and closed at N1,574.35/1$ as against N1,574.58/1$ on Friday.
Interbank FX turnover jumped by $18.683 million to $92.248 million on the back of 90 deals recorded, up from $73.565 million recorded the previous trading session.
Traders believed the introduction of the 4th edition of the Central Bank of Nigeria (CBN) foreign exchange manual would contribute to improved market efficiency.
The CBN said the new guidelines, amongst others, are intended to enhance compliance obligations on Authorised Dealers and improve flexibility in foreign exchange transactions.
Source: Getty Images
Official market closing rates:
- CFA: N2.4164
- Yuan/Renminbi: N200.9851
- Danish Krone: N210.5975
- Euro: N1,574.3524
- Yen: N8.5193
- Riyal: N362.8337
- South African Rand: N82.7543
- SDR: N1,871.6423
- Swiss Franc: N1,714.0482
- Pound Sterling: N1,821.2990
- US Dollar: N1,362.8397
- WAUA: N1,863.8301
- UAE Dirham: N371.0528
Nigeria's foreign reserves drop for 7 consecutive days
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has revealed that external reserves have dropped to $49.57 billion as of March 24, 2026, from a recent peak of $50.02 billion recorded on March 11, 2026.
In the last seven consecutive sessions, data from the CBN shows that reserves have dropped.
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
