The naira weakened against the US dollar across Nigeria's foreign exchange markets on Friday, ending the trading week on a negative note. According to data from the Central Bank of Nigeria (CBN), the naira fell to N1,329.51 per dollar at the official foreign exchange market. This represents a decline from the N1,328.67 recorded on Thursday. The slight change in the value of the local currency against the dollar reflects ongoing market dynamics.
The naira's decline at the official market translates to a loss of N0.84 against the US dollar on a day-to-day basis. At the parallel market, the dollar was traded at about N1,390 on Friday, compared with N1,385 recorded on Thursday. This represents a N5 decline in the value of the naira against the dollar in the parallel market within one day. Market participants continue to monitor developments in the foreign exchange market.
Despite the decline recorded on Friday, the naira performed better on a week-on-week basis at the official market. The local currency gained N1.68 against the dollar at the official foreign exchange market compared with the previous week. This indicates a mixed trend in the naira's performance against the dollar.
Nigeria's external reserves have continued to rise, according to CBN data. As of September 24, 2026, the country's external reserves increased to $54.86 billion. The growth in external reserves is a significant development being closely watched in the foreign exchange market, as it can support foreign exchange market operations.
The naira's movement against the dollar remains crucial for households, businesses, and investors. Changes in the exchange rate can affect the cost of imported goods, raw materials, and other products. Import-dependent businesses are particularly sensitive to movements in the exchange rate, as they require foreign currency to pay for goods and services purchased from outside the country.
The exchange rate also has implications for consumers, as changes in the cost of imports can influence the prices of some goods and services in the domestic market. Therefore, the latest exchange rate movement is significant for market participants, who will continue to monitor developments in Nigeria's foreign exchange market.
In summary, Friday's figures showed mixed movements for the naira, with the currency weakening against the dollar on a day-to-day basis at both the official and parallel markets, while still recording a week-on-week gain at the official market. Market participants will continue to assess the direction of the naira and developments in Nigeria's foreign exchange market.
Key points
- The naira fell to N1,329.51 per dollar at the official foreign exchange market on Friday.
- Nigeria's external reserves increased to $54.86 billion as of September 24, 2026.
- The naira weakened against the dollar at both the official and parallel markets on a day-to-day basis.
