SAT MAR 28 2026-theGBJournal| The Nigerian Naira weakened by 1.9% week-on-week to N1,383.41/US$, reflecting heightened volatility in the foreign exchange market amid fluctuating demand and constrained dollar supply.
The currency’s decline, despite the Central Bank of Nigeria’s (CBN) US$30.00 million intervention, underscores persistent pressure points despite ongoing efforts to stabilize the FX environment.
Market activity was marked by sharp swings, as the CBN’s liquidity injections failed to fully offset surging demand from importers and offshore participants.
In the forwards market, the naira rates depreciated across the 1-month (-2.3% to N1,411.24/US$), 3-month (-3.1% to N1,460.1/US$), 6-month (-4.9% to N1,544.21/US$) and 1-year (-7.1% to N1,696.21/US$) contracts.
Meanwhile, Nigeria’s external reserves declined by approximately USD309.00 million w/w to US$49.48 billion (March 26).
Traders pointed to uneven supply dynamics and speculative positioning as key drivers behind the Naira’s choppy performance خلال the review period.
Analysts say the near-term outlook remains fragile, with the currency likely to stay sensitive to shifts in FX inflows, central bank interventions, and broader macroeconomic signals.
Sustained stability, they note, will depend on improved dollar liquidity and consistent policy direction.
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