Naira weakens against dollar across foreign exchange markets

The naira weakened against the US dollar across Nigeria’s foreign exchange markets on Friday, ending the trading week on a negative note.

Data from the Central Bank of Nigeria (CBN) showed that the naira fell to N1,329.51 per dollar at the official foreign exchange market on Friday.

The figure was weaker than the N1,328.67 recorded on Thursday.

This means the naira lost N0.84 against the US dollar on a day to day basis at the official foreign exchange market.

The movement reflects another slight change in the value of the local currency against the dollar as businesses, investors and other market participants continue to monitor developments in the foreign exchange market.

The naira also recorded a decline at the parallel market.

The dollar was traded at about N1,390 on Friday at the parallel market, compared with N1,385 recorded on Thursday.

This represents a N5 decline in the value of the naira against the dollar in the parallel market within one day.

Despite the decline recorded on Friday, the naira performed better on a week on week basis at the official market.

Further analysis of the figures showed that the local currency gained N1.68 against the dollar at the official foreign exchange market compared with the previous week.

The latest exchange rate movement came as Nigeria’s external reserves continued to rise.

According to CBN data, the country’s external reserves increased to $54.86 billion as of September 24, 2026.

The increase in external reserves represents another development being closely watched in the foreign exchange market.

External reserves are an important source of foreign currency for a country and can play a role in supporting foreign exchange market operations.

The naira’s movement against the dollar remains important for households, businesses and investors because changes in the exchange rate can affect the cost of imported goods, raw materials and other products.

Import dependent businesses are particularly sensitive to movements in the exchange rate because they need foreign currency to pay for goods and services purchased from outside the country.

The exchange rate also remains important for consumers because changes in the cost of imports can affect the prices of some goods and services in the domestic market.

Friday’s figures therefore showed mixed movements for the naira, with the currency weakening against the dollar on a day to day basis at both the official and parallel markets, while still recording a week on week gain at the official market.

The latest data will continue to be monitored by market participants as they assess the direction of the naira and developments in Nigeria’s foreign exchange market.