Naira Slides Sharply as Dollar Surges Across Official, Black Markets

|By Babatunji Wusu

Nigeria’s currency came under renewed pressure on Monday, as the Naira slumped further against the United States dollar, deepening concerns over the country’s foreign exchange stability.

Data from the Central Bank of Nigeria showed that the Naira weakened to N1,349.67 per dollar, down from N1,343.64 recorded at the close of trading last Friday. This marks a N6.03 drop at the official market, signaling continued strain on the local currency.

The situation proved even more severe in the parallel market, where the Naira plunged by N20 to N1,430 per dollar, compared to N1,410 last week. Bureau de Change operators in Wuse Zone 4, Abuja, confirmed the sharp depreciation, highlighting sustained demand pressure for foreign currency.

The latest decline underscores a broad downward trend across Nigeria’s foreign exchange markets, raising fresh concerns among investors and economic watchers.

Compounding the situation, the country’s external reserves slipped further to $48.62 billion as of April 17, 2026, weakening the buffer needed to support the Naira and stabilize the forex market.

Analysts warn that unless urgent measures are taken to boost dollar inflows and ease pressure on reserves, the Naira may continue to face volatility in the coming weeks.