By Iqrom Tesilim
The naira’s fortunes took a turn for the worse on Thursday as renewed demand for dollars in the parallel market sent the local currency tumbling.
According to data from online forex monitoring platforms, the naira depreciated by N25 in a single trading session, trading between N1,410 and N1,420 across various parallel market hubs nationwide.
At the current rate of N1,420 per dollar, the naira has weakened by approximately 1.8% compared to Wednesday’s close of N1,395 in the black market. The widening gap between the official and parallel market rates, now at N8, is a clear indication of the renewed pressure in the informal currency market.
The official foreign exchange market wasn’t spared either, with the naira recording a marginal depreciation. The currency weakened by N2.80, with the dollar quoted at N1,387.09 on Wednesday, up from N1,384.29 on Tuesday at the Nigerian Foreign Exchange Market (NFEM). This represents a 0.2% decline against the greenback.
Market observers attribute the recent moderation in the exchange rate to the Central Bank of Nigeria’s (CBN) intervention in the market. The apex bank has been actively buying dollars to slow the pace of the naira’s appreciation and prevent sharp movements that could trigger speculative trading.
The move is seen as a bid to maintain stability in the forex market and prevent excessive strengthening of the naira, which could distort investor positioning.
Analysts at the Financial Markets Dealers Association (FMDA) noted that despite the CBN’s late-month foreign exchange purchases, the naira still recorded gains across both the official NFEM window and the parallel market in February 2026.
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