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BusinessNaira depreciates significantly by N40 against US dollar at black market - DAILY POST
The Naira depreciated significantly against the United States dollar at the parallel foreign exchange on Monday.
At the black market, a Bureau de Change Operator in Wuse Zone 4, Abuja, Abubakar Hassan told DAILY POST that the Naira weakened significantly by N40 to N1,370 per dollar on Monday, up from between N1,317 and N1,333 traded on Friday last week.
This is the first significant drop the naira has recorded against the dollar since the Central Bank of Nigeria ordered banks to sell a maximum of $150,000 weekly FX to BDC on February 10, 2026.
Also at the official foreign exchange market, the Central Bank of Nigeria’s data showed that the Naira? dipped to N1,349.24 per dollar, down from N1,346.32.
This means that the Naira further dropped on Monday by N2.92 against the dollar at the official foreign exchange market.
The downward trend of the Nigerian Naira comes despite the country’s sustained surge in external reserves, which stood at $48.77 billion as of 19th February 2026, according to the apex bank.
DAILY POST reports that the CBN Monetary Policy Committee is currently meeting to roll out fresh monetary measures.
