Naira Hits Three-Week Low as Forex Pressure Mounts
Nigeria’s naira exchange rate took another hit on Friday, closing at N1,361.5 per dollar. It’s weakest point in three weeks as pressure in the foreign exchange market continued to mount. The development marks a sharp slide from the N1,355/$ rate recorded on Thursday and N1,348.1/$ on Wednesday, according to data from the Central Bank of Nigeria (CBN).
A Week of Relentless Decline
The naira exchange rate had been on a downward trend for most of the week, opening Monday at N1,349.67/$ before slipping further to N1,350.99/$ on Tuesday. Compared to the previous week’s close of N1,342.5/$, the currency has lost nearly N20 against the dollar in just five trading days.
The current rate also represents the naira′s lowest position since April 9,when it settled at N1,365/$, the currency has lost nearly N20 against the dollar in just five trading days.
Nigeria’s external reserves are not offering much comfort either. CBN data shows reserves dipped to $48.4 billion from $48.54 billion at the start of the week on April 20, 2026, adding to the broader sense of strain in the economy.
Analysts point to a combination of factors driving the naira exchange rate lower. Importers are demanding more dollars while FX inflows from official channels remain constrained. Seasonal demand for foreign currency has widened existing liquidity gaps. At the same time, a stronger global dollar and volatile oil prices are squeezing Nigeria’s FX earnings, leaving the CBN with limited room to defend the currency.
As the week closed, market watchers remained cautious, with no immediate relief in sight for Nigeria’s battered currency.
