The Nigerian naira weakened to its lowest level in three weeks against the US dollar on Friday, April 24, as sustained demand pressures and limited foreign exchange supply continued to weigh on the currency. The local currency also declined against other major currencies in both official and parallel markets.
Official Market Performance
At the Nigerian Foreign Exchange Market (NFEM), the naira depreciated by N4.53, or 0.33%, to close at N1,358.44/$1, compared with N1,353.91/$1 recorded in the previous session. Against the British pound, it fell by N8.14 to close at N1,834.02/£1, down from N1,825.88/£1. The naira also dropped N8.01 against the euro to settle at N1,590.73/€1, compared with N1,582.72/€1.
Parallel Market and Retail Desk Rates
At the retail end, the pressure persisted. The naira weakened by N4 at the GTBank FX desk to N1,370/$1, while in the parallel market, it slipped by N5 to N1,380/$1, from N1,375/$1 a day earlier. A Bureau de Change operator, Abdullahi, reported that the dollar buying rate stood at N1,395, while the selling rate was N1,404. The pound traded between N1,850 and N1,865, while the euro ranged from N1,612 to N1,623.
Interbank Turnover and Reserves
Data from the Central Bank of Nigeria (CBN) showed that interbank turnover rose to $43.56 million across 68 deals, up from $28.12 million in the previous trading session. Despite assurances from the apex bank that the recent decline in external reserves is not a cause for concern, market sentiment remained fragile amid liquidity constraints and policy uncertainty. External reserves have dropped to $49.57 billion, from a recent peak of $50.02 billion recorded on March 11, 2026.
Weekly Naira Performance
Separate CBN data showed the naira closed at N1,361.5/$ on Friday, its weakest level since April 9, when it settled at N1,365/$1. The currency recorded steady losses throughout the week: N1,361.5/$ on Friday, N1,355/$ on Thursday, N1,348.1/$ on Wednesday, N1,350.99/$ on Tuesday, and N1,349.67/$ on Monday. A week earlier, the naira had closed at N1,342.5/$, indicating a depreciation of nearly N20 within one week.
Analyst Insights
Market watchers attribute the naira’s weakness to a mix of domestic and global factors, including strong demand for dollars and uncertainty in international markets. A forex trading analyst, Kunle Ajayi, said demand for foreign exchange remains elevated, especially from importers and manufacturers who rely heavily on FX for their operations. Analysts warn that the naira may face further pressure in the coming sessions.
Other Currency Rates
The CBN published the following exchange rates: CFA at N2.41, Yuan/Renminbi at N198.70, Danish Krona at N212.83, Euro at N1,590.73, Yen at N8.52, Riyal at N362.16, South African Rand at N82.00, SDR at N1,865.65, Swiss Franc at N1,727.19, Pound Sterling at N1,834.02, US Dollar at N1,358.44, WAUA at N1,849.62, and UAE Dirham at N369.81.
