The Naira recorded its lowest loss on Friday, its weakest level in three weeks. The development followed persistent pressure in the foreign exchange market, as the currency closed at N1,361.5 per dollar, down from N1,355/$ on Thursday and N1,348.1/$ on Wednesday.
The currency has depreciated for most of the week, according to data from the Central Bank of Nigeria (CBN). It had also weakened to N1,350.99/$ on Tuesday and N1,349.67/$ on Monday. A week earlier, the currency closed at N1,342.5/$, indicating a depreciation of nearly N20 against the dollar within one week.
The latest exchange rate marks the weakest level for the naira since April 9, when it settled at N1,365/$. External reserves further declined to $48.4 billion from $48.54 billion recorded at the start of the week on April 20, 2026, the CBN data showed. READ ALSO: We Are Not Selling Refinery Scrap, Equipment, NNPC Warns Public The market is pressured by increased demand from importers and constrained FX inflows, as seasonal demand for foreign currency and limited supply from official channels have widened liquidity gaps.
Also, global dollar strength and fluctuations in oil prices have added to pressure on Nigeria’s FX earnings.