The official dollar‑naira rate slipped further on Monday, pushing the Nigerian currency deeper into depreciation. Data released by the Central Bank of Nigeria (CBN) show the naira closing at N1,373.16 per U.S. dollar, compared with N1,361.39 recorded at the end of trading on Friday. The move represents an 11.77‑naira decline against the greenback in a single trading session.
The parallel, or black‑market, rate held steady at N1,395 to the dollar, matching the level seen on Friday. Despite the currency’s slide, the CBN reported a modest rise in its foreign‑exchange reserves, which stood at $48.36 billion on May 8, up from $48.33 billion the day before.
The weakening follows a broader trend of pressure on the naira that began earlier in the week, when the official rate fell to a new low on Friday, ending the week on a negative note. Analysts attribute the slide to a combination of limited dollar liquidity, ongoing external payment obligations and market expectations ahead of the central bank’s upcoming monetary‑policy meetings.
The CBN has been trying to stabilise the market through a series of interventions, including the recent injection of foreign currency and the tightening of access to the official window. Nonetheless, the disparity between the official and parallel markets remains wide, underscoring persistent structural challenges in Nigeria’s foreign‑exchange system.
Stakeholders are watching closely for any policy shift that could narrow the gap and restore confidence in the naira. Future movements are likely to hinge on the evolution of external reserves, the pace of export earnings, and the government’s broader fiscal and monetary strategies. As of today, the official dollar‑naira rate stands at N1,373.16, reflecting a continued depreciation trajectory for Nigeria’s currency.
