Naira Drops to Lowest Level Since May, Fuel Price Hike Fears Grow

The Nigerian naira recorded its steepest depreciation in weeks at the official foreign exchange market on Friday, marking its first major decline since May 27, 2025. According to data from the Central Bank of Nigeria, the naira closed at N1,549.35 per dollar, down from N1,539.72 on Wednesday before the Democracy Day holiday. This represents a drop of N9.63, signaling a significant weakening of the local currency.

In contrast, activity on the parallel market showed a marginal improvement. A Bureau De Change operator in Wuse Zone 4, Abuja, Alhasan Abubakar, confirmed that the naira appreciated slightly by N1, trading at N1,606 per dollar compared to N1,607 earlier in the week.

The currency ended the week on a mixed note, with losses in the official window and slight gains in the black market, following a stretch of relative stability and appreciation in recent weeks.

This shift comes amid rising global crude oil prices. Brent crude rose to $75.15 per barrel, while West Texas Intermediate climbed to $74. The uptick has sparked concerns over a possible increase in the price of Premium Motor Spirit (petrol) in Nigeria, potentially adding pressure to an already volatile economic environment.