According to official figures released by the CBN, the naira closed at ₦1,606.64 per dollar, a marginal drop from ₦1,605.62 recorded on Monday. This amounts to a ₦1.02 depreciation in just 24 hours, further compounding the currency’s fragile performance at the Investors’ and Exporters’ (I&E) window.
Over a 48-hour span, the naira has shed ₦4.44 in value at the official market.
In the parallel market, often referred to as the black market, the exchange rate held steady at ₦1,610 per dollar, showing no change from Monday’s figure. While this may suggest temporary stability in the informal sector, the wider gap between the official and unofficial rates remains a concern for market observers.
This recent bout of depreciation underscores the lingering pressure on Nigeria’s foreign exchange system. Despite a raft of reforms and policy tools employed by the CBN in recent months—including FX market liberalization and clearance of outstanding forward contracts—the naira has struggled to maintain sustained gains.
Analysts suggest that persistent dollar scarcity, declining foreign reserves, and weak investor confidence continue to weigh heavily on the currency’s performance.
The CBN has reiterated its commitment to stabilizing the exchange rate, but the continued fluctuations indicate that restoring lasting confidence in the naira may require more than short-term interventions.
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