By The Nigerian naira weakened to ₦1,398 per dollar on Friday, marking its lowest level since January 28, 2026, when it closed at ₦1,394/$.
Data from the Central Bank of Nigeria showed that the currency traded between ₦1,404/$ and ₦1,398/$ during the final trading session of the week.
The simple average exchange rate settled at ₦1,394.55/$.
The naira had opened the week at ₦1,376/$ on Monday before weakening to ₦1,390/$ on Tuesday. It recorded its only gain of the week on Wednesday, appreciating slightly to ₦1,382/$.
However, the brief recovery was short-lived as the currency resumed its downward trend, closing at ₦1,388/$ on Thursday and weakening further to ₦1,398/$ on Friday.
From ₦1,337/$ recorded on February 17, the naira has gradually lost value in subsequent trading sessions.
Market analysts attributed the latest depreciation to persistent foreign exchange liquidity constraints and continued speculative activities in the market.
Despite the recent pressure on the currency, the Central Bank of Nigeria has pointed to improvements in Nigeria’s external reserves.
CBN Governor Olayemi Cardoso recently disclosed that the country’s net foreign exchange reserves rose to $34.80 billion at the end of 2025, while gross reserves climbed to $50.45 billion as of February 2026.
The apex bank noted that stronger oil earnings and improved foreign inflows could support reserve levels and help stabilise the currency over the medium term.
External factors, including rising geopolitical tensions in the Middle East, have also contributed to pressure on the naira and other emerging market currencies.
The strengthening of the US dollar has further intensified the situation, with the dollar index climbing nearly one percent on Monday — its strongest single-day gain in seven months as investors sought safer assets amid global uncertainty.
