Naira Opens Week in the Red Against Dollar on Official, Black Markets
By Aboki Forex —
The Nigerian naira started the trading week on a bearish note on Monday, losing ground against the US dollar on both official and parallel foreign exchange markets.
In the parallel market, the naira fell by N5 to trade at N1,380 per dollar, down from N1,375 per dollar in the previous session. On the GTBank FX desk, the currency weakened by N1 to close at N1,373 per dollar, opening the day at N1,372 per dollar.
At the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the naira dipped by N0.63, or 0.05 per cent, to N1,362.84 per dollar from N1,362.21 per dollar recorded on Friday.
Despite the losses against the greenback, the naira strengthened against other major currencies. It gained N2.30 against the British pound to trade at N1,821.29 per pound, up from N1,823.59 per pound. Against the euro, the naira rose by N0.23 to close at N1,574.35 per euro, compared to N1,574.58 per euro previously.
Interbank FX turnover surged by $18.68 million to $92.25 million, driven by 90 deals recorded, up from $73.57 million in the prior session.
Market operators believe the introduction of the Central Bank of Nigeria’s updated fourth edition of the FX manual will boost market efficiency. The CBN said the new guidelines aim to enhance compliance by Authorised Dealers and improve flexibility in foreign exchange transactions.
In an exclusive chat with Legit.ng, Aminu Gwadabe, President of the Association of Bureau de Change Operators of Nigeria (ABCON), said: “The CBN has remained committed to a mix of interest rate policy and FX interventions to improve market liquidity. But stronger engagement and collaboration with key stakeholders is still needed.”
Meanwhile, CBN data shows the country’s external reserves fell to $49.57 billion as of March 24, 2026, down from a peak of $50.02 billion recorded on March 11, 2026. The reserves have declined over seven consecutive trading sessions. Provisional balance of payments data also revealed that the surplus dropped to $14.04 billion in 2025 from $19.03 billion in 2024, though it remains above the $6.42 billion recorded in 2023.
Other exchange rates from the CBN on Monday include: CFA N2.4164, Yuan N200.9851, Danish Krone N210.5975, Euro N1,574.3524, Yen N8.5193, Riyal N362.8337, South African Rand N82.7543, SDR N1,871.6423, Swiss Franc N1,714.0482, Pound Sterling N1,821.2990, US Dollar N1,362.8397, WAUA N1,863.8301, and UAE Dirham N371.0528.