The Nigerian Naira extended its losses against the United States dollar at the official foreign exchange market on Monday, beginning the new trading week on a negative note.
Figures released by the Central Bank of Nigeria showed that the local currency weakened to N1,373.70 per dollar, compared to N1,371.04 exchanged at the close of trading on Friday last week.
The latest movement indicates that the Naira depreciated by N2.66 against the dollar in one trading day, continuing recent fluctuations in the country’s foreign exchange market.
Despite the decline recorded at the official window, the parallel market, commonly referred to as the black market, remained unchanged. Traders exchanged the dollar at N1,400, maintaining the same rate recorded at the close of the previous trading session.
The development comes even as Nigeria’s foreign reserves recorded a fresh increase.
According to available data, the country’s external reserves rose to $48.58 billion as of May 15, 2026, a development many analysts expected would support exchange rate stability and improve liquidity in the foreign exchange market.
The continued pressure on the Naira highlights ongoing concerns surrounding dollar demand, market liquidity, and broader economic conditions affecting the country’s exchange rate performance.
Financial analysts have continued to monitor the impact of foreign reserve growth, monetary policies, and investor confidence on the stability of the local currency in both official and parallel markets.
