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Parallel market fall: Naira drops to N1,370/$, down N40
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Official rate decline: Currency weakens by N2.92 to N1,349.24/$
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Despite strong reserves: External reserves hit $48.77bn
The Nigerian Naira depreciated significantly against the United States dollar at the parallel foreign exchange market on Monday.
A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Hassan, told DAILY POST that the Naira weakened by N40 to trade at N1,370 per dollar, compared to between N1,317 and N1,333 recorded last Friday.
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The latest slide marks the first major drop since the Central Bank of Nigeria (CBN) directed commercial banks to sell a maximum of $150,000 weekly in foreign exchange to Bureau de Change operators on February 10, 2026.
READ ALSO: Full Dangote Refinery Capacity Could Drive Naira Below ₦1,000/$ — Otedola
At the official foreign exchange window, data from the apex bank showed that the Naira also depreciated to N1,349.24 per dollar, down from N1,346.32 traded previously.
This represents a further decline of N2.92 at the official market.
The downturn comes despite Nigeria’s sustained growth in external reserves, which stood at $48.77 billion as of February 19, 2026, according to figures released by the CBN.
Meanwhile, the Monetary Policy Committee of the Central Bank is currently meeting to announce fresh monetary policy measures aimed at stabilising the economy.