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Naira reverts to depreciation against US dollar amid CBN policies rollout - DAILY POST
The naira reverted to depreciation against the United States dollar at the official and parallel foreign exchange markets amid the Central Bank of Nigeria’s sweeping policy rollout.
CBN’s foreign exchange data showed that the naira dipped to N1,386.71 per dollar on Wednesday, down from N1,382.63 on Tuesday.
This means that the naira weakened on a day-to-day basis by N4.08.
Similarly at the black market, the naira fell by N10 to N1,420 per dollar on Wednesday, from N1,410.
This comes as the country’s external reserves dropped to $49.57 billion as of March 24th, 2026, from $49.61 billion recorded the previous day.
The latest naira depreciation is coming at a time the apex rolled out several policies impacting the foreign exchange market.
Recall that CBN in a circular on Wednesday allowed international oil companies to repatriate 100 percent of export earnings and mandated international money transfer operators (IMTOs) to route transactions through designated naira settlement accounts in banks.
