The Nigerian naira has recorded its second consecutive week of significant depreciation against the US dollar in both official and parallel foreign exchange markets. As of March 7, 2026, the naira weakened to N1,393.26 per dollar, compared to N1,387.45 recorded earlier.

In the official market, the naira lost N5.81 in one day and N29.87 over the week. Over the past two weeks, the naira has dropped by N46.94 against the dollar in the official foreign exchange window. Meanwhile, in the parallel market, the naira fell to about N1,415 per dollar on the same day.

Trading Trends

On March 7, 2026, the naira traded between ₦1,404/$ and ₦1,398/$ before settling at a simple average of ₦1,394.55/$. The currency opened trading on March 2, 2026, at ₦1,376/$ and closed at ₦1,398/$.

The naira has steadily shed value since February 17, 2026, when it traded at ₦1,337/$. The decline is attributed to ongoing foreign exchange liquidity constraints and speculative trading activities.

Government Response

The Central Bank of Nigeria recently intervened by withdrawing dollars from circulation in the foreign exchange market. President Bola Ahmed Tinubu confirmed the government’s steps to support the naira through monetary measures.

Despite these efforts, analysts note that the continued weakening of the local currency comes amid rising geopolitical tensions that have boosted demand for the US dollar globally, further affecting the naira’s value.

Analysts say the latest slide is largely linked to ongoing foreign exchange liquidity constraints, which have continued to limit dollar supply in the market. The combination of domestic forex constraints and shifting global market dynamics continues to shape its direction in the near term.

Details remain unconfirmed.

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