Nigerian Naira Slides Further, Closes at N1,353.91 to the Dollar

Published 1 month ago• 1 minute read

Pelumi Ilesanmi

Nigerian Naira Slides Further, Closes at N1,353.91 to the Dollar

The Naira closed at N1,353.91 to the dollar in the official foreign exchange market on Thursday, a drop of N5.46 from Wednesday's N1,348.45 while the parallel market rate widened to N1,426, up from N1,400 the previous day. The depreciation reversed short-term gains the currency had made mid-week.

The Central Bank of Nigeria publishes daily exchange rate data at cbn.gov.ng.

The sustained slide is attributed to a continuing decline in Nigeria's external reserves, which fell to $48.48 billion as of March 22, 2026, according to CBN data.

Economists warn that without significant reserve accumulation or reduced dollar demand, the Naira remains vulnerable to further pressure in the near term. More on Nigeria's macroeconomic conditions can be tracked viaIMF Nigeria.