Naira Slips at Official Market, Trades at N1,353.66/$ Despite Black Market Gain

 |By Babatunji Wusu

The Naira on Thursday reversed its three-day rally and depreciated against the United States dollar at the official foreign exchange window, as fresh data from the Central Bank of Nigeria showed a marginal but notable drop.

Figures released by the apex bank indicated that the Naira weakened to N1,353.66 per dollar on Thursday, down from N1,348.95 recorded the previous day. The development represents a N4.71 day-on-day decline, effectively wiping off most of the N5.51 gain the local currency posted over the last three trading sessions at the official market.

The reversal signals renewed pressure on the domestic currency at the Nigerian Foreign Exchange Market, despite recent efforts to stabilise liquidity.

In contrast, the Naira strengthened at the parallel market, commonly referred to as the black market. It appreciated by N5 to close at N1,440 per dollar on Thursday, compared to N1,445 on Wednesday. Market sources attributed the gain to the apex bank’s latest intervention targeting Bureau De Change operators, a move designed to ease demand pressure and improve dollar supply at the retail end of the market.

The mixed performance across the foreign exchange segments comes amid growing concerns over Nigeria’s rising external obligations. Latest data from the Central Bank of Nigeria showed that the country’s foreign debt climbed to $47.53 billion as of February 10, 2026, underscoring persistent fiscal and balance-of-payments pressures.

Economic analysts say sustained volatility in the exchange rate could continue to shape inflation trends, import costs, and overall macroeconomic stability if liquidity challenges persist.