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The Nigerian currency, the Naira, began the week on a weaker note after recording a noticeable drop against the United States dollar at the official foreign exchange market on Monday.
Data released by the Central Bank of Nigeria (CBN) showed that the Naira closed at ₦1,405.62 per dollar, compared with ₦1,393.26 per dollar recorded at the end of trading on Friday, March 6, 2026.
This represents a decline of ₦12.36 for the local currency in a single trading day, highlighting continued pressure on the foreign exchange market.
The depreciation was also reflected in the parallel market, where the Naira lost ground against the dollar. Checks with several Bureau de Change operators in Abuja indicated that the currency traded at ₦1,420 per dollar on Monday, weaker than the ₦1,415 per dollar recorded on Friday.
The latest figures mean the Naira has now declined for two consecutive weeks against the US dollar.
The continued slide comes despite an improvement in Nigeria’s external reserves. According to recent data, the country’s reserves rose to $49.94 billion as of last Friday, a development that would typically help support the local currency.
However, market pressures appear to be outweighing the impact of the stronger reserves, leaving the Naira struggling to maintain stability at the start of the new trading week.
