The Nigerian Naira fell sharply against the US dollar on Monday, marking its largest single-day depreciation this year. At the official exchange rate, the currency dropped to N1,378.03 per dollar, down from N1,363.39 on Friday.
In the black market, the Naira also weakened, closing at N1,380 per dollar, down N5 from last week, narrowing the gap between official and parallel rates to N1.97.
The decline comes amid reduced dollar supply from the Central Bank of Nigeria, which has contributed to sustained pressure on the Naira in recent weeks.
Nigeria’s foreign reserves stood at $49.51 billion as of February 25, 2026, highlighting ongoing concerns over currency stability and market liquidity.
