The Nigerian currency, the Nigerian naira, traded at N1,401.4 per dollar on Tuesday at the official foreign exchange window.
Data from the Nigerian Foreign Exchange Market (NFEM), the country’s official FX platform, showed that the naira has weakened by about 4.09 percent over the past three weeks compared with the N1,346.32/$ rate recorded on February 20.
The figures also indicated that the exchange rate crossed the N1,400-per-dollar mark on Monday when the local currency traded at N1,405.62 against the United States dollar.
The last time the naira traded around the N1,400 range was on January 27, when it exchanged at N1,401.2 to the dollar.
At the parallel market, the naira also depreciated slightly, trading at N1,440 per dollar on Tuesday compared with N1,430 recorded the previous day — representing a 0.70 percent decline.
The development comes amid heightened geopolitical tensions involving the United States, Iran and Israel, which have unsettled global financial markets.
Amid the tensions, crude oil prices climbed sharply to about $100 per barrel on Monday — the highest level since July 2022 — before easing to around $87 per barrel on Tuesday.
Market analysts say fluctuations in global oil prices could influence Nigeria’s foreign exchange market.
They noted that the direction of the naira would depend largely on the country’s trade balance and the impact of oil revenues on foreign exchange inflows.
