Market News
Naira Falls To N1,405.62/$1 On Officialmarket - NEW TELEGRAPH
The naira continued its downward slide yesterday, dropping to N1,405.62/$1 on the Nigerian Foreign Exchange Market (NFEM), from N1,393.26/$1 last Friday, according to data released by the Central Bank of Nigeria (CBN).
The local currency has now steadily weakened on the official market since February 18, 2026, when it fell to N1,338.11 per dollar after appreciating to a 20-month high of N1,335.96/$1 on the previous day.
On the parallel market, the naira was being exchanged at rates ranging between N1,410 and N1,430 per dollar yesterday, compared with N1,385 and 1,395 per dollar, last week, according to traders. Analysts attribute the naira’s decline in recent days to the CBN’s mopping up of dollars from the local currency market.
The apex bank’s move, according to the analysts, is aimed at maintaining exchange rate stability given that a surging naira could force foreign investors to sell down their investments in the fixed-income market which will lead to a spike in demand for the dollar.
Commenting on foreign exchange market activities last week, analysts at Coronation Merchant Bank said: “The naira depreciated by 2.14 per cent w/w at the NFEM window last week, closing at N1,393.26/US$1 compared to N1,363.42/US$1 in the previous week.
This followed a relatively stronger midweek performance, where the currency traded to an intraweek high of N1,387.10/US$1 before moderating toward the close of the week.
“Similarly, the parallel market recorded a weak performance, with the Naira depreciating by 2.10 per cent w/w to close at N1,430.00/US$1. At current levels, the parallel market trades at a slight premium of 2.64 per cent relative to the official NFEM rate.
“As of week-end, total FX inflows settled at US$1.26bn. FPIs accounted for the largest share, contributing $518.7 million (41.3%) of total inflows. The CBN followed with $314.2 million (25.0%), while exporters contributed $159.1 mn (12.7%). Non-bank corporates accounted for $135.5 mn (10.7%), individuals contributed $110.9 million (8.8%), and other sources.”
