NAIRA WEAKENS FOR THE SECOND CONSECUTIVE WEEK AGAINST THE US DOLLAR
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By: Fasasi Hammad
The naira recorded a second consecutive week of notable depreciation against the US dollar across both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria on Friday showed the local currency weakened further to ₦1,393.26 per dollar, compared to ₦1,387.45 recorded earlier.
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This represents a daily drop of ₦5.81 and a weekly decline of ₦29.87 against the dollar. Over the past two weeks, the naira has depreciated by ₦46.94 at the official market.
At the parallel market, the currency also lost value, falling by ₦45 to ₦1,415 per dollar on Friday from about ₦1,370 on February 23, 2026, according to several Bureau de Change operators in Wuse Zone 4, Abuja.
The continued weakening of the naira across the foreign exchange markets comes despite the Central Bank’s intervention efforts to withdraw dollars from circulation, a move recently acknowledged by President Bola Ahmed Tinubu.
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