Figures cited by Daily Post show that the Nigerian Naira suffered a significant weekly depreciation, closing at N1,363.39 per dollar at the official window and N1,375 in the parallel market this Friday. This decline represents a week-on-week loss of over N17 at the official rate, fueled by the Central Bank of Nigeria’s recent aggressive dollar mop-up operations.
The currency volatility has sparked fresh concerns among manufacturers. BusinessDay validated the report, quoting a currency analyst who noted, “The liquidity squeeze is intentionally designed to curb speculation, but it is strangling small businesses.” The Guardian Nigeria also highlighted the trend, with an economist stating, “Unless there is a massive infusion of foreign exchange, the N1,400 mark is inevitable by mid-March.”
Echotitbits take:
The CBN’s strategy to stabilize the Naira through mopping up liquidity appears to be causing short-term pain for the sake of long-term stability. Expect higher landing costs for imported goods and a likely rise in the inflation rate for the coming month.
Source: BusinessDay – https://businessday.ng/business-economy/article/nigerias-naira-falls-to-record-low-as-traders-track-central-banks-dollar-sale/, February 28, 2026
Photo credit: BusinessDay
