Naira Weakens Significantly
On March 7, 2026, the Nigerian naira weakened to N1,393.26 per dollar, marking a notable decline in its value. This drop represents a loss of N5.81 in just one day within the official market.
Over the past two weeks, the naira has dropped by N46.94 against the dollar in the official foreign exchange window, indicating a troubling trend for the currency. In the parallel market, the naira fell to approximately N1,415 per dollar on the same day.
Trading Session Insights
During the trading session on March 7, the naira fluctuated between ₦1,404/$ and ₦1,398/$. The currency opened trading on March 2, 2026, at ₦1,376/$ and closed at ₦1,398/$ on March 7, reflecting a steady depreciation since February 17, 2026, when it traded at ₦1,337/$.
The Central Bank of Nigeria has recently intervened by withdrawing dollars from circulation in an attempt to stabilize the market. However, despite these efforts, the naira continues to weaken.
Official Reactions and Market Dynamics
Nigeria’s President, Bola Ahmed Tinubu, acknowledged the intervention measures taken by the government, confirming that steps have been implemented to support the naira through monetary policies.
Analysts attribute the latest slide of the naira largely to ongoing foreign exchange liquidity constraints, which have severely limited the supply of dollars in the market. The combination of domestic forex constraints and shifting global market dynamics continues to shape the currency’s direction in the near term.
The continued weakening of the local currency raises concerns among stakeholders, as it affects the overall economic stability of Nigeria. Details remain unconfirmed regarding any further actions that may be taken by the Central Bank to address these challenges.