The naira recorded its first official-market decline of September 2026 on Friday, while its parallel-market rate held steady despite a further rise in Nigeria’s foreign-exchange reserves.
What happened in the currency market
- The Central Bank of Nigeria reported that the naira closed at N1,321.22 per dollar on Friday, compared with N1,315.67 on Thursday.
- The move represented a day-on-day loss of N5.55 for the Nigerian currency in the official forex market.
- In the black market, the exchange rate was unchanged at N1,400 to the dollar on Friday, matching Thursday’s level.
- The contrasting performances came as the country’s reserves continued to expand, reaching $54.08 billion on Thursday.
- The naira had strengthened in the official market on every other trading day of the week, making Friday the sole exception.
