Naira weakens for fifth straight day, hits N1,368/$ at official market
By Aboki Forex —
The naira recorded its fifth consecutive daily depreciation at the official foreign exchange market on Friday, closing at N1,368.22 per dollar. Data from the Central Bank of Nigeria showed the currency lost N1.49 against the dollar compared with Thursday's rate of N1,366.73.
The decline also spilled into the parallel market, where the naira traded at N1,425 per dollar on Friday, down from N1,418 the previous day.
Weekly loss widens
Over the five trading days, the naira depreciated by N6.13 per dollar at the official market and by N15 per dollar at the parallel market. The weekly drop reflects sustained pressure on the local currency despite recent policy measures aimed at improving liquidity in the foreign exchange market.
Traders said demand for dollars remained strong from importers and other end-users, while supply continued to lag. The gap between the official and parallel market rates also widened to about N56.78 per dollar on Friday.
Reserves steady
As of July 30, 2026, Nigeria's foreign reserves stood at $51.92 billion. The reserves position provides some buffer, but analysts say it has not been enough to stop the naira's slide in recent sessions.
The steady depletion of reserves, combined with persistent demand pressure, suggests the currency may remain under stress in the near term.
What it means for the market
For businesses that rely on imported raw materials, the continued depreciation raises input costs and could feed into consumer prices. Manufacturers and traders who purchase dollars at the parallel market are already paying a premium, and this may eventually reflect in the cost of goods and services.
The central bank has not announced any fresh intervention since the latest fall. Market participants are watching to see if it steps in to defend the naira or allows further adjustment in the coming week.