The Nigerian naira weakened further against the US dollar on Tuesday, extending its losing streak across both official and parallel foreign exchange markets amid limited intervention from the Central Bank of Nigeria (CBN).
Data from the CBN indicated the official exchange rate depreciated to N1,384.29 per dollar, compared to N1,378.02 the previous dayā€”a daily decline of N6.27. In the parallel market, the naira dropped by N10 to trade at N1,390 per dollar, up from N1,380 on Monday. This created a gap of approximately N5.71 between the two rates.
The persistent decline marks the eighth consecutive day of depreciation for the local currency. This trend follows a period where the apex bank reportedly absorbed significant dollar liquidity from the market, a move often aimed at curbing speculative demand but which can tighten supply in the short term.
The naira’s performance contrasts with the nation’s rising external reserves. Foreign exchange reserves grew to $49.69 billion as of February 27, 2026, highlighting a disconnect between improved external buffers and the currency’s trajectory in the near term.
In related financial governance news, President Bola Tinubu on Tuesday nominated Taiwo Oyedele, former chair of the Presidential Fiscal Policy and Tax Reforms Committee, as Minister of State for Finance. The nomination places him under the supervision of Finance Minister Wale Edun, a key architect of the administration’s economic policy. This appointment may signal upcoming shifts in fiscal and foreign exchange management strategy.
The sustained depreciation underscores ongoing pressure on the naira, with market analysts noting that without consistent, transparent intervention from the CBN, volatility in the forex market is likely to persist. The divergence between official and parallel rates also points to challenges in unifying the country’s exchange rate regime.
