The Nigerian naira recorded significant depreciation against the US dollar for the second consecutive week, continuing its downward trend in both the official and parallel (black) markets.
According to reports, the naira closed the week at N1,393.26 per dollar in the official foreign exchange market on Friday, March 6, 2026, reflecting a daily drop of N5.81 from N1,387.45.
On a week-on-week basis, it depreciated by N29.87, while over the past two weeks, the cumulative decline reached N46.94.
In the parallel market, the currency weakened further by N45, closing at N1,415 per dollar, down from levels around N1,370 on February 23, 2026, as quoted by Bureau de Change operators in Abuja's Wuse Zone 4.
The sustained pressure on the naira has been attributed to the Central Bank of Nigeria's (CBN) recent interventions, which involved mopping up dollars from the market to manage liquidity and forex supply.
President Bola Ahmed Tinubu recently confirmed these actions, which appear to have contributed to the ongoing weakness despite earlier periods of relative stability or mild appreciation in February.
This marks a reversal from some mid-February gains, with the naira having shown resilience in prior weeks amid rising foreign reserves.
However, persistent demand pressures, including for imports and corporate remittances, continue to weigh on the currency.
Analysts note that while the official and parallel rates remain relatively close compared to historical wide gaps, the recent depreciations highlight ongoing challenges in stabilizing the exchange rate under the current forex framework.
The CBN has not issued new statements on additional measures in response to this week's movements.
The developments come as Nigeria's economy grapples with inflation concerns and efforts to boost non-oil exports and foreign inflows to support long-term currency strength.
Market participants will closely monitor upcoming CBN interventions and global dollar trends for any potential reversal in the coming week.
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