Business
Naira Hits Record Single-Day Drop Against US Dollar
The Naira experienced its largest single-day decline against the US dollar at the official foreign exchange market on Monday, setting a negative tone for the week.
Data from the Central Bank of Nigeria (CBN) showed the currency fell to N1,378.03 per dollar, down from N1,363.39 on Friday. This represents a sharp N14.64 drop, marking the steepest daily depreciation of the year.
In the parallel market, the Naira also weakened, losing N5 to close at N1,380 per dollar, narrowing the gap between official and black-market rates to just N1.97.
The decline follows continued pressure on the Naira after the CBN withdrew dollars from the market last week. According to CBN data, Nigeria’s foreign reserves stood at $49.51 billion as of February 25, 2026.