The Nigerian Naira weakened against the US dollar on Friday, marking the first depreciation in four days of gains at the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira closed at N1,343.64 per dollar, down from N1,342.30 recorded the previous day. This represents a decline of N1.34 in a single trading session.
The local currency had been on an upward trajectory earlier in the week, rallying for four consecutive days before Friday’s reversal. At the parallel market, commonly referred to as the black market, the Naira remained relatively stable, trading at N1,410 per dollar throughout the week, according to Bureau de Change operators in Abuja’s Wuse Zone 4.
The depreciation comes amid a backdrop of Nigeria’s foreign exchange reserves, which stood at $48.65 billion as of April 16, 2026. While the reserves remain robust, fluctuations in the exchange rate continue to reflect the challenges in Nigeria’s forex market, including supply constraints and demand pressures.
The Naira’s performance is closely watched as it impacts inflation, import costs, and overall economic stability in Africa’s largest economy. The CBN has implemented various measures to stabilize the currency, including interventions in the forex market and policies aimed at boosting non-oil exports to increase dollar inflows.
Analysts suggest that the recent depreciation could be attributed to seasonal demand for foreign currency, particularly ahead of the Easter holiday period, when businesses and individuals often increase their forex purchases. However, the broader trend of Naira stability in the parallel market indicates that market sentiment remains cautiously optimistic.
As Nigeria navigates its economic recovery, the exchange rate remains a critical indicator of the country’s financial health. Stakeholders will be monitoring the CBN’s next steps to ensure sustained stability in the forex market and support the Naira’s value in the coming weeks.
