The Naira had the highest single-day depreciation against the dollar on Friday at the official foreign exchange rate market to end the week on a negative note.
The Central Bank of Nigeria (CBN) data showed that the Naira dropped further to N1,346.32 per dollar on Friday, down from N1,341.35. This means that on a day-to-day basis the Naira dipped by N4.97, the highest weakening since the Naira began depreciating on Wednesday this week.
It has been observed that since Wednesday, the Naira had weakened by N10.36 at the official market.
Similarly, on a week-on-week basis, it depreciated by 9.0 when compared to N1,355.42 was traded last week Friday.
Meanwhile, at the black market, the Naira had recorded an impressive week, closing at N1,317 per dollar, up from N1,440 recorded last week. This means that there was a recorded massive gain of N123 per dollar on a week-on-week basis at the black market.
The apex Bank data showed that the country’s external reserves remained at $48.50 billion as of February 17, 2026.
