According to data from the Central Bank of Nigeria (CBN), the local currency depreciated to ₦1,346.32 per dollar, down from ₦1,341.35 on Thursday. This represents a daily loss of ₦4.97, marking the most significant single-day weakening since the Naira began its recent decline earlier this week.
Financial analysts note that the Naira has lost a cumulative ₦10.36 at the official market since Wednesday, reflecting mounting pressure on the local currency amid persistent demand for dollars. On a week-on-week comparison, the Naira depreciated by ₦9, falling from ₦1,355.42 recorded last Friday.
In contrast, the black market told a different story, with the Naira posting gains over the week. Closing at ₦1,317 per dollar on Friday, the currency strengthened significantly from ₦1,440 per dollar last week, reflecting a ₦123 per dollar appreciation on a week-on-week basis.
Meanwhile, the Central Bank’s latest figures indicate that Nigeria’s external reserves remained stable at $48.50 billion as of 17 February 2026, providing a cushion amid the fluctuations in the foreign exchange markets.
Market observers caution that while the official market shows continued pressure on the Naira, divergent trends in the parallel market highlight underlying structural issues in forex supply and demand dynamics.