Market News
Naira Extends Decline On Official Market, Slides To N1,356.11/$1 - NEW TELEGRAPH
BY Tony Chukwunyem
The naira extended its decline yesterday, easing to N1,356.11/$1 on the Nigerian Foreign Exchange Market (NFEM), from N1,355.37/$1 on Tuesday, according to data released by the Central Bank of Nigeria (CBN).
The local currency has now maintained a downward slide on the official market since February 18, 2026, when it weakened 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 N1,355 and N1,365 per dollar, yesterday, according to traders, compared to between N1,425 and N1,440 per dollar last week.
Analysts attribute the naira’s decline in recent days to the CBN’s mopping up of about $190 million from the local currency market last week.
The apex bank’s move, according to the analysts, is aimed at maintaining exchange rate stability as 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.
