Naira Slips Further Against Dollar as Nigeria’s External Reserves Decline
The Nigerian Naira continued its downward trajectory against the United States dollar on Monday, with the local currency weakening across both official and parallel foreign exchange markets.
According to data from the Central Bank of Nigeria, the Naira depreciated to N1,349.67 per dollar on Monday, compared to N1,343.64 recorded on Friday. This represents a decline of N6.03 in a single trading session at the official market.
The parallel market, where Bureau de Change operators trade, saw an even steeper drop. Multiple operators in Abuja’s Wuse Zone 4 reported the Naira falling to N1,430 per dollar on Monday, down from N1,410 on Friday—a N20 depreciation in just one day.
This weakening of the Naira comes against the backdrop of declining external reserves. As of April 17, 2026, Nigeria’s foreign reserves stood at $48.62 billion, having fallen further from previous levels. The persistent pressure on the currency reflects ongoing challenges in the country’s forex market, including limited dollar liquidity and sustained demand pressures.
The depreciation highlights the continued volatility in Nigeria’s foreign exchange environment, where the gap between official and parallel market rates remains significant. Market analysts note that the divergence between the two markets continues to pose challenges for economic planning and foreign investment flows.
The Central Bank of Nigeria has maintained various interventions to stabilize the forex market, but the currency’s performance suggests persistent structural pressures that have yet to be fully addressed.
As Nigeria navigates these forex challenges, stakeholders across sectors are closely monitoring developments, given the Naira’s depreciation’s broad implications for inflation, import costs, and overall economic stability.
