The Naira slumps, drops ₦6 against dollar in official market as pressure persists in Nigeria’s foreign exchange window. The local currency closed at ₦1,346 per dollar at the official market, reflecting fresh depreciation.
Nijatravel reports that data from the Central Bank of Nigeria showed the naira weakened by ₦6 compared to the previous trading session. The decline highlights sustained demand for the U.S. dollar within the formal FX segment.
Traders attributed the latest slide to increased demand and limited dollar liquidity in the official market. Market participants noted that foreign exchange supply remains tight despite policy adjustments.
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Analysts explained that foreign portfolio demand and corporate FX needs continue to exert pressure on the currency. The imbalance between demand and available supply has driven fluctuations in recent weeks.
While the official rate recorded depreciation, activity in the parallel market showed relative stability. Bureau de Change operators reported improved sentiment, which slightly narrowed the gap between official and informal rates.
The Naira slumps, drops ₦6 against dollar in official market trend underscores ongoing volatility across Nigeria’s FX landscape. Currency performance continues to be influenced by liquidity levels and investor confidence.
Economic observers maintain that broader macroeconomic factors remain critical to exchange rate stability. Trade flows, remittance inflows, and foreign investment levels are seen as long-term determinants of currency direction.
Despite reform efforts, exchange rate adjustments remain sensitive to global dollar demand and domestic policy signals. Market watchers say sustained FX inflows are essential for strengthening the naira.
The Central Bank’s monetary policies aim to stabilise the market and restore confidence. However, short-term fluctuations persist as the market adjusts to evolving supply conditions.
Financial experts advise businesses and investors to monitor FX developments closely. Currency volatility can significantly impact import costs, pricing strategies, and investment planning.
The Naira slumps, drops ₦6 against dollar in official market development adds to recent exchange rate movements observed across trading windows. Stakeholders continue to assess policy effectiveness and liquidity management strategies.
Nigeria’s foreign exchange market remains under close scrutiny as policymakers seek sustainable solutions to stabilise the currency and attract long-term capital inflows.