The Naira has recorded it’s highest single-day depreciation against the United States dollar at the official foreign exchange market to resume the week on a negative note on Monday.
According to data from the Central Bank of Nigeria, the Naira fell from N1,363.39 on Friday of last week to N1,378.03 per dollar as currency trade began on Monday.
This indicates that the Naira saw its biggest single-day decline of the year, falling by N14.64 per dollar.
Additionally, the currency dropped N5 against the dollar on the black market, closing at N1380 on Monday compared to N1,375 on Friday.
The margin narrowed to just N1.97 due to a downward trend at both foreign exchange exchanges.
Reports indicate that since last week, the Naira has continued its downward decline after the CBN popped the dollar from the market.
Last week it recorded a significant weekly depreciation against the United States dollar across both the official and parallel foreign exchange markets on Friday.
Apex bank data showed that Nigeria’s foreign reserves stood at $49.51 billion as of February 25, 2026.
This sharp depreciation comes only days after Chairman of the Dangote Group, Aliko Dangote predicted that the currency will strengthen to N1,100 per dollar in 2026.
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