Naira Records Sharpest Weekly Decline Against Dollar

The Nigerian naira continued its downward trend against the U.S. dollar, closing the week with its steepest depreciation in recent weeks. According to the Central Bank of Nigeria (CBN), the naira weakened further to N1,517.24 per dollar on Friday, compared to N1,512.30 on Thursday, marking a daily decline of N4.94.

In the parallel market, the naira remained stable at N1,580 per dollar, the same rate as Thursday, following a significant drop from N1,525 earlier in the week. Over the last five days, the currency depreciated consistently except on Tuesday, according to CBN data.

At the official market, the naira opened the week at N1,498.98 per dollar and closed at N1,517.24, reflecting a total loss of N18.26. The black-market exchange rate also showed a steep decline, with the naira starting at N1,506 per dollar and ending at N1,580, a depreciation of N74 over the week.

The continued decline in the naira’s value coincides with a drop in Nigeria’s external reserves, which fell by $1.31 billion. The reserves stood at $38.42 billion as of February 28, down from $39.72 billion at the end of January 2025.