The Naira weakened further last week, closing at ₦1,398 per US dollar on Friday its lowest level since January 28, 2026, when it traded at ₦1,394/$ as ongoing foreign exchange constraints and global factors weighed on the currency.
According to data from the Central Bank of Nigeria (CBN), the Naira fluctuated between ₦1,404/$ and ₦1,398/$ during Friday’s trading session, with the simple average exchange rate settling at ₦1,394.55/$.
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The local currency opened the week at ₦1,376/$ before depreciating to ₦1,390/$ on Tuesday. A brief recovery on Wednesday saw the Naira gain slightly to ₦1,382/$, but it resumed its downward trend, closing Thursday at ₦1,388/$ and ending the week at ₦1,398/$.
From ₦1,337/$ recorded on February 17, the Naira has gradually lost value over successive trading sessions, highlighting persistent vulnerabilities in the foreign exchange market.
Market analysts attribute the decline to limited foreign exchange liquidity and continued speculative activity.
Despite the slide, the CBN remains optimistic about the medium-term outlook.
Governor Olayemi Cardoso recently disclosed that Nigeria’s net FX reserves rose to $34.80 billion at the end of 2025, with gross reserves reaching $50.45 billion as of February 2026.
He said stronger oil earnings and improved foreign inflows could help stabilise the Naira over time.