- The naira depreciated by N3 at the official market to N1,383.58 per dollar
- It gained N5 in the parallel market, closing at N1,415 per dollar
- Nigeria’s foreign reserves declined to $49.44 billion, adding pressure on the currency
The Nigerian naira began the week on a weaker note against the United States dollar at the official foreign exchange market, reversing gains recorded towards the end of the previous week.
According to data released by the Central Bank of Nigeria (CBN), the local currency depreciated to N1,383.58 per dollar on Monday, March 30, compared to N1,380.5766 recorded on Friday.
This represents a decline of N3.00, signalling renewed pressure on the currency at the official window after a brief period of appreciation last week.
However, in contrast to the official market trend, the naira showed slight strength in the parallel market. Currency traders, including several Bureau de Change operators, reported that the naira appreciated by N5 to close at N1,415 per dollar, improving from N1,420 recorded previously.
The divergence between the official and parallel market rates highlights ongoing volatility in Nigeria’s foreign exchange landscape, where supply constraints and market sentiment continue to influence pricing dynamics.
The latest movement also comes amid a gradual decline in Nigeria’s external reserves. Figures indicate that the country’s foreign reserves stood at approximately $49.44 billion as of March 27, 2026, down from about $50 billion recorded on March 12.
Analysts often view falling reserves as a key factor affecting currency stability, as it can limit the central bank’s capacity to defend the naira and meet foreign exchange demand.
Despite the current dip, the naira had posted gains at the official market on Thursday and Friday of the previous week, offering brief relief before the latest downturn.
Market observers suggest that sustained improvements in foreign exchange inflows, alongside consistent monetary policy measures, will be crucial in stabilising the currency in the coming weeks.
As Nigeria continues to navigate economic headwinds, fluctuations in the naira’s value remain a key concern for businesses, investors, and households reliant on stable exchange rates.