Naira Tumbles to ₦1,570/$ on Black Market, Continues Losing Streak

The Nigerian naira continued its downward trajectory against major foreign currencies on Wednesday, weakening further in both the official and parallel markets.

According to official foreign exchange data, the naira closed at ₦1,534.43 per US dollar at the Central Bank of Nigeria (CBN)-regulated window, down from ₦1,533.10 recorded at the start of the week. This marks a depreciation of ₦1.33 within the official market.

In the parallel market, often referred to as the black market, the naira dropped by ₦5 to trade at ₦1,570 per US dollar, compared to ₦1,565 recorded the previous day.

The weakening trend extended to other global currencies as well. Against the British Pound, the naira slid to ₦2,120 from ₦2,115, reflecting a ₦5 drop. Similarly, it depreciated by ₦5 against the Euro, settling at ₦1,795 compared to ₦1,790 in the previous session.

However, the local currency remained stable against the Canadian dollar, closing flat at ₦1,200/CA$1.

The persistent depreciation across various channels underscores the ongoing volatility in Nigeria’s foreign exchange market, which has been affected by a mix of macroeconomic pressures, inflationary trends, and high demand for the dollar.

Market analysts continue to watch the naira’s movement closely, amid broader concerns about foreign reserves and the effectiveness of ongoing monetary interventions.