SAT NOV 14 2026-theGBJournal| The naira weakened 0.4% week-on-week to N1,354.25/USD, despite a USD127.00 million intervention by the Central Bank of Nigeria (CBN), as sustained dollar demand continued to weigh on the local currency.
Pressure was more pronounced in the parallel market, where the dollar’s selling rate climbed to N1,445 from N1,428 at the start of the week, representing a 1.2% depreciation in the naira.
The parallel-market rate traded at a N90.75 premium to the official exchange rate, equivalent to a 6.7% divergence.
The persistent spread highlights lingering liquidity constraints and unmet demand in the informal segment, suggesting that official-market interventions have yet to translate into meaningful convergence across FX markets.
In the CBN reference market, however, the naira recorded modest gains against other major currencies.
The pound sterling declined 0.7% week-on-week to N1,790.78/GBP, from N1,802.96, while the euro eased 0.5% to N1,496.13/EUR, from N1,503.54, indicating a relatively stronger performance against European currencies.
In the forwards market, the naira extended its losses across the curve, depreciating by 0.5% at both the 1-month and 3-month tenors to N1,376.98/USD and N1,413.40/USD, respectively.
Further along the curve, the currency weakened by 0.6% at both the 6-month and 1-year tenors to N1,464.15/USD and N1,566.32/USD, respectively.
The broad-based depreciation across maturities points to sustained demand for dollar cover and lingering caution over the currency’s medium-term outlook.
Meanwhile, gross external reserves declined by USD186.61 million to USD54.87 billion as of November 12, reflecting a moderation in the country’s external buffers amid continued FX market support.
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