Naira Weakens Significantly
The Nigerian naira has weakened to N1,393.26 per dollar as of March 7, 2026, marking a notable decline in its value. This depreciation includes a daily loss of N5.81 against the dollar in the official market, alongside a weekly drop of N29.87.
Recent Trends in Currency Value
Over the past two weeks, the naira has lost a total of N46.94 against the dollar, reflecting ongoing challenges in the currency market. In the parallel market, the naira fell to approximately N1,415 per dollar on the same day, compared to N1,370 on February 23, 2026.
Market Dynamics
Trading on March 7, 2026, saw the naira fluctuate between ₦1,404/$ and ₦1,398/$. The currency had opened at ₦1,376/$ on March 1, 2026, indicating a steady decline since it was valued at ₦1,337/$ on February 17, 2026.
Government Response
The Central Bank of Nigeria has intervened by withdrawing dollars from circulation in an effort to stabilize the market. However, despite these efforts, the naira’s continued weakening has raised concerns.
Official Statements
President Bola Ahmed Tinubu acknowledged the government’s actions to support the naira through monetary measures. He stated, “The intervention was also acknowledged by Nigeria’s President, Bola Ahmed Tinubu, who confirmed that the government had taken steps to support the naira through monetary measures.”
Analysts’ Insights
Analysts attribute the latest slide in the naira’s value to ongoing foreign exchange liquidity constraints, which have limited the supply of dollars in the market. Despite the recent volatility, the Central Bank of Nigeria insists that underlying indicators point to some improvement in Nigeria’s external position.
The situation remains fluid as the naira continues to face pressures against the dollar, with further developments expected in the coming days. Details remain unconfirmed.