Abuja, Nigeria – The Nigerian Naira experienced a notable depreciation against the U.S. dollar in both the official and parallel foreign exchange markets by the end of the second week.
On Friday, data released by the Central Bank of Nigeria revealed that the Naira further declined to N1,393.26 per dollar, down from N1,387.45. This indicates a daily drop of N5.81 and a week-on-week depreciation of N29.87 against the dollar. Over the last two weeks, the Naira has slumped by a significant N46.94 against the dollar in the official market.
Similarly, the parallel market also saw a sharp decline. According to multiple Bureau de Change operators in Wuse Zone 4, Abuja, the Naira dipped by N45 to N1,415 on Friday, down from approximately N1,370 per dollar on February 23, 2026.
This widespread decline of the local currency across foreign exchange markets follows the apex bank’s recent strategy to mop up dollars from the market through intervention. This move was confirmed by President Bola Ahmed Tinubu in a recent remark, stating the central bank’s actions contributed to the market dynamics.
