Nigeria’s currency weakened across both the official and informal foreign exchange segments following renewed shortages of U.S. dollars, a development that emerged after recent intervention rounds by the Central Bank of Nigeria (CBN). The latest movements indicate that the naira continues to face pressure as demand for the local currency eases, especially in a market that has seen minimal activity from foreign portfolio investors.
At the same time, the market is experiencing increased requests for dollars to settle year-end import obligations, a shift occurring against the backdrop of slowing FX inflows. Recent trading patterns show that the naira has struggled to gain momentum unless supported by direct CBN sales.
Although the official FX window has seen fluctuating spot rates, CBN’s dollar injections have recently helped soften the negative trend. A similar situation has played out in the parallel market, where commercial banks and bureau de change operators are now competing more closely on quoted exchange rates.
Fresh FX data released Thursday by the CBN revealed that the official market rate declined by 0.07 percent, settling at ₦1,443.90 to the U.S. dollar.
During intraday trading, the rate hit a high of ₦1,446 per dollar, slightly weaker compared to the previous day’s peak of ₦1,446.50. The market’s direction was partially cushioned by Tuesday’s intervention, during which the CBN sold $36.6 million to banks to strengthen supply.
However, some trades closed at an intraday low of ₦1,442 per dollar, a steeper drop compared to Wednesday’s low of ₦1,436.50.
In the black market, the naira also retreated, slipping 0.17 percent to close at ₦1,475 per dollar. The decline reflects renewed pressure and diminished investor sentiment across both regulated and informal currency channels.
