The Nigerian naira continued its slide against the US dollar in both official and parallel foreign exchange markets, ending the second week of March 2026 on a sharply weaker note.
Data from the Central Bank of Nigeria (CBN) on Friday showed that the naira fell further to ₦1,393.26 per dollar, down from ₦1,387.45 recorded earlier. This represents a daily depreciation of ₦5.81 and a week-on-week decline of ₦29.87. Over the past two weeks, the naira has lost a total of ₦46.94 against the dollar in the official market.
The parallel, or black market, mirrored this trend. According to multiple Bureau de Change operators in Wuse Zone 4, Abuja, the naira slipped by ₦45 to ₦1,415 per dollar on Friday, compared with around ₦1,370 per dollar on February 23, 2026.
Analysts attribute the local currency’s decline across markets to the Central Bank’s recent intervention, which involved mopping up dollars from circulation. President Bola Ahmed Tinubu confirmed the move in a recent statement, highlighting it as part of broader efforts to stabilise the currency.
The depreciation comes amid persistent pressure on Nigeria’s foreign reserves and ongoing demand for hard currency, raising concerns about the naira’s outlook in the coming weeks.