By Boluwatife Oshadiya | September 14, 2026
Key Points
- Naira depreciates 0.40% week-on-week to ₦1,326.52 at NFEM
- CBN sells $151 million as demand pressure weighs on the currency
- External reserves rise 0.52% week-on-week to $54.41 billion
Main Story
The naira weakened to ₦1,326.52 per U.S. dollar at the Nigerian Foreign Exchange Market despite a reported $151 million Central Bank of Nigeria intervention and higher external reserves.
The local currency declined 0.40% week-on-week at the official market, while the parallel-market rate strengthened to ₦1,370, leaving a ₦43.48 gap between the two segments at the close of trading on Friday.
The CBN intervention came as demand for foreign exchange increased, with dollar sales to eligible banks aimed at supporting liquidity in the official market. The naira’s movement shows that higher reserves alone have not eliminated short-term demand pressures in the FX market.
Nigeria’s external reserves rose 0.52% week-on-week to $54.41 billion, according to the figures supplied for the market report. The increase was attributed to inflows including remittances and foreign portfolio investment.
The stronger reserve position provides the CBN with a larger external buffer for managing periods of heightened FX demand. However, the weekly depreciation of the naira indicates that market conditions remain sensitive to the balance between dollar supply and demand.
The pressure comes as international oil prices remain elevated. Brent crude was reported at $104.20 per barrel, while West Texas Intermediate stood at $99.17. Bonny Light, Nigeria’s benchmark crude, rose 18.32% during the week to $121.33 per barrel.
What’s Being Said
The CBN’s reported $151 million intervention indicates that the apex bank is continuing to supply foreign exchange to the market as demand pressures emerge.
Market expectations cited in the supplied report point to rising external reserves and stronger oil prices providing support for the naira, although analysts expect continued volatility in the near term.
What’s Next
The naira will remain sensitive to CBN intervention, foreign-exchange demand and the pace of reserve accumulation.
Market participants will also watch international crude prices and their effect on Nigeria’s external inflows, particularly as elevated oil prices could strengthen the country’s dollar earnings.
Bottom Line
The Bottom Line: The naira’s latest decline shows that stronger reserves and CBN intervention can provide support without eliminating underlying FX demand pressures. The currency’s near-term stability will therefore depend on sustained dollar inflows and the CBN’s ability to manage market liquidity.
