NAIRA WEAKENS FURTHER AGAINST THE US DOLLAR IN SPITE OF CBN INTERVENTION
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By: Fasasi Hammad
The naira extended its slide against the United States dollar at the official foreign exchange market on Tuesday.
Data from the Central Bank of Nigeria showed that the local currency weakened to N1,355.37 per dollar, compared to N1,349.24 recorded on Monday. This reflects a day-on-day depreciation of N6.13.
At the parallel market, however, the naira held steady at N1,370 per dollar, the same rate as the previous day.
The development comes despite assurances from President Bola Ahmed Tinubu, who stated during an event at the Presidential Villa on Tuesday that the Central Bank of Nigeria had intervened by injecting dollars into the foreign exchange market to support the currency.
CBN Governor Olayemi Cardoso also disclosed that Nigeria’s external reserves rose to a 13-year high, reaching a gross value of $50.45 billion as of February 16, 2026.
The naira had also recorded losses against the dollar across foreign exchange markets on Monday.
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